Following the release of new data charting the sharp increase in investment lending commitments over the last three months, Western Australia’s largest bank has reduced its investor fixed rates between 0.14% and 0.35%.
Customer-owned P&N Bank’s new two and five year investor fixed rates are currently lower than all of the major banks.
Head of broker and business development, Daniel Woods, said that as a customer-owned bank, P&N is “committed to providing highly competitive fixed rate options” to both existing and new customers looking to invest.
“Fixed rate home loans are an attractive option for investors who can benefit from locking in a low rate that offers repayment certainty for a number of years,” he said.
"Mortgage Brokers play an important role in helping consumers navigate a complex lending environment. These low rates together with our strong customer satisfaction and advocacy make P&N Bank an attractive proposition for Brokers who are looking to help those West Australians aiming to save money, receive great service and bank with an organisation that exists solely for our customers and not external shareholders."
The changes went into effect Friday, 18 October, across the fixed two-, three- and five-year loans, for both LVRs below 80% and those above 80%.
P&N investor P&I and investor interest only repayment rate changes are as follows:
