Posted on Apr 21, 2017 By QT Mutual Bank

Changes to QT Mutual Bank variable home loan rates

Posted on Apr 21, 2017 By QT Mutual Bank

QT Mutual Bank has announced it will be increasing interest rates on variable home loan products from Thursday 27 April 2017.

Variable rates on QT Mutual Bank home loan products will increase by between 0.07% to 0.13%.

Rate changes for new lending will come into effect from Thursday 27 April 2017. Changes to existing lending will be communicated directly to impacted members from Thursday 27 April 2017 in the form of a letter.  This letter will detail the changes specific to the loan and the date the new repayment is effective.  Members can expect to receive their letters from Monday 8 May 2017.

For full details please see the table below.

 

Owner Occupied
(Principal and interest)
Interest rate increase
Mortgage Breaker One Year Intro rate (new lending)* +0.13%
Mortgage Breaker One year Intro Rate (existing loans) +0.07%
All other variable home loans incl. packages +0.07%
All variable rate overdrafts +0.07%

 

Residential investment
(Principal and interest or interest only)
Interest rate increase
All variable home loans incl. packages +0.13%
All variable rate overdrafts +0.13%
*applies to new loans submitted on/from 27 April 2017

CEO Steve Targett said the decision was not made lightly and has come after much consideration. 

“It is in members’ best interests that QT Mutual Bank remains a robust, financially viable organisation, funding pressures and regulatory influences were carefully weighed against impacts on our members.


“Current market conditions facing the banking sector have led to us make the decision to increase interest rates on variable home loans.


If you have any questions or would like further details, please call 13 29 30 or visit your local QT Mutual Bank branch.