ANZ Turn Key Policy and Rate Increase, and the Co-operative Bank Rate Increase
Effective 17th March, ANZ increased its variable rate by 25 bps to 5.99% p.a.
Further to ANZ’s 95% LVR Turn Key policy in February 2014, ANZ made additional policy changes to support customers who are looking to purchase Turn Key properties (proposals must meet all RBNZ exemption criteria);
· ANZ can now complete pre-approvals for Turn Key proposals
· The Turn Key exemption has been extended to apply to Residential Investment Loans
· The loan approval for a Turn Key proposal will be valid for the duration of the contract, but building work must be completed 12 months after it begins
To discuss the ANZ’s new Turn Key policy please contact the Mortgage Adviser Distribution team or your Business Development Manager.
Also effective 17th March, the Co-operative Bank increased its variable and 1, 2 and 3 year fixed rates by up to 25 bps.
Check out the new rates in iLend™.
|
Lender
|
Product
|
Initial Rate
|
+/-
|
|
ANZ
|
Simple Variable
|
5.99%
|
0.25%
|
|
The Co-operative Bank
|
Floating Rate
|
5.95%
6.2% if LVR > 80%
6.45% if LVR > 85%
6.7% if LVR > 90%
|
0.25%
|
|
The Co-operative Bank
|
Fixed 1 Year
|
5.49%
5.74% if LVR > 80%
5.99% if LVR > 85%
6.24% if LVR > 90%
|
0.10%
|
|
The Co-operative Bank
|
Fixed 2 Years
|
5.99%
6.24% if LVR > 80%
6.49% if LVR > 85%
6.74% if LVR > 90%
|
0.14%
|
|
The Co-operative Bank
|
Fixed 3 Years
|
6.35%
6.6% if LVR > 80%
6.85% if LVR > 85%
7.1% if LVR > 90%
|
0.10%
|
|
The Co-operative Bank
|
Fresh Start Floating Rate
|
7.95%
|
0.25%
|
|
The Co-operative Bank
|
Fresh Start Fixed 1 Year
|
7.49%
|
0.10%
|
|
The Co-operative Bank
|
Revolving Credit Facility
|
5.95%
|
0.25%
|
|