In line with some of the other interest rate hikes in recent weeks, a non-major bank has increased the variable interest rate for loans to SMSFs.
AMP increased the variable interest rate for the AMP SuperEdge loan 15 basis points to 5.72 per cent per annum.
The AMP SuperEdge loan is for SMSFs looking to borrow through their fund to invest in residential property.
AMP said the changes are effective in January for new and existing customers.
Across the board, AMP Bank announced an increase to variable interest rates on residential investment loans of 15 basis points, effective 6 January 2017 for new customers and 9 January 2017 for existing customers.
The AMP Professional Pack Home Loan variable interest rate for investor loans $250,000 and above will increase from 3.99 per cent to 4.14 per cent per annum.
There are no changes to variable interest rates for owner-occupier loans.
AMP Bank managing director Sally Bruce said the group remains focused on supporting its customers with competitive interest rates.
“Changes to our home loan rates take into account increasing wholesale funding costs and the need to maintain a balanced portfolio in line with regulatory guidelines,” she said.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all