Bluestone announces interest rate cut for SMSF loans
Bluestone Home Loans has announced a reduction in interest rates for its SMSF residential loans this week despite the recent RBA rate rise.
For loans with a loan to value ratio (LVR) of less than 70 per cent, the lender has reduced the interest rate by 0.40 per cent.
For loans with an LVR of 60 per cent of less, the rate is now 5.89 per cent while the rate for loans with an LVR of 70 per cent of less is now 6.09 per cent.
SMSF loans with an LVR of more than 70 per cent will see a small 0.10 per cent decrease, with the rate now 6.59 per cent.
All changes come into effect from today (14 December).
Bluestone Home Loans chief customer officer James Angus said with some SMSF loans now sitting at 8 per cent, it’s a good time to look at refinancing.
“As we head into 2023, we’re aiming to broaden the pool of brokers writing SMSF loans with Bluestone and are constantly looking for ways to improve the broker experience,” said Mr Angus.
“Backed by a team with 15 years of SMSF loan experience, our focus will continue to be on education and compliance.”
The Reserve Bank recently increased its cash rate target again in December, increasing it by 25 basis points up to 3.1 per cent.
AMP Capital chief economist Shane Oliver predicted recently that the RBA may raise rates again in February up to 3.35 per cent, given the upside risks of wage growth.
“[However], by end 2023 or early 2024, we expect the RBA to start cutting rates,” said Mr Oliver.
