Vow Home Loans Rate Change
New customers - We are updating rates for Vow Home Loans for both owner occupier and investment loans that approved from 10th July 2017 onwards. Here's a summary of the changes:
The reintroduction of a pricing tier for loans up to and including LVR 70% - providing clients with more than 30% equity with some very significant savings.
Principal and interest rates for new business will decrease between 0.12% & 0.02% depending on new LVR bands.
Interest only rates will increase between 0.20% & 0.30% also depending on new LVR bands
Existing customers - We're also updating rates for existing owner occupier and investment home loan customers who were approved before 10th July. The date for these changes to take effect will be 28th July 2017
Principal and interest rates will decrease by 0.05%
Interest only rates will increase by 0.30%.
We are also going to write to all interest-only customers offering them to option to convert to P&I payment at no charge.
These moves are in line with many other lenders, but could prompt enquiries from your clients. If you have any questions, don't hesitate to get in touch with the Group Lending team.