Please find following some important compliance information for members concerning rate and fee changes to take effect from 1 July 2017:
Effective 1 July 2017
S5 Over 55s Account
Rate Thru $48,600 1.00% 0.50%
Rate Above $48,600 2.25% 1.75%
The following changes apply to Investment Loans only
New investment loans effective 1 July 2017
Standard Variable 4.99% 5.25%
12 Month Discount Only 3.99% 4.75%
24 Month Discounted Product to be withdrawn for investment loans
1 Year Fixed Rate 4.29% 4.55%
2 Year Fixed Rate 4.39% 4.65%
3 Year Fixed Rate 4.49% 4.75%
All existing Investment Loans will attract the revised pricing in line with the above and their individual loan contracts from 1 August 2017.
For the immediate future, investment loans will not be available to new members.
Offset facilities will not be available on investment purpose loans for new loans.
Bridging Loans / Construction Loans
No discounts are to apply to either interest only construction loans and interest only bridging finance throughout either the period of construction or the period the sale of the property occurs (12 months maximum). Upon finalisation of the interest only period, members may be able to negotiate rates accordingly for the remainder of their loan term.