subscribe to our newsletter
Non-major bank raises interest rate on SMSF loans

Non-major bank raises interest rate on SMSF loans

Reporter
19 December 2016

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.

Non-major bank raises interest rate on SMSF loans
smsfadviser logo
join the discussion

Do your clients plan to add additional members to their SMSF if the new six member limit is passed as law?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super