The most recent important product updates in our new express round-up
The most important product updates of the week in our new express round-up
1. Bankwest announces commission increases
For a three month period, the bank will pay bonus trail in addition to the 70bps upfront trail. This means year one trail of 5bps for loans up to $350,000, 10 bps for loans up to $500,000 and 15 bps for loans up above $500,000
The increased commission only applies to new accounts, for loans under 75% LVR.
2. AMP also increases commission
20bps extra upfront commission was the response for AMP to Bankwest’s announcement.
This applies to new loan applications received between now and the end of November, and excludes the Affinity Package and Affinity Basic Package.
3. Heritage Bank cuts rate
Heritage has cut its one year fixed rate to 3.99% (5.58% comparison rate) – its lowest rate in 139 years.
4. ME Bank cuts rate
ME Bank has also cut its rates – to 4.59% on its 3 years fixed standard home loan.
5. LA Trobe extends loan terms
The specialist lenders commercial products will offer standard 25 year terms, including its commercial SMSF product.
Have you taken MPA’s poll yet? We’re looking at attitudes to brokers giving property investment advice – closes 10 September.
