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Coastline Loan Rate Changes

14 September 2018

Coastline Loan Rate Changes

 14 September 2018

Today Coastline has announced that it will increase its variable interest rate for Owner Occupied Home Loans, Interest Only Loans, Residential Investment Loans, Personal Loans and Business Loans.

All variable rates will increase by 0.15 basis points and take effect from 21st September 2018 for all new and existing member loans.

The rate changes include:

    • Owner Occupied Home Loans;
    • Interest-Only Owner Occupied Home Loans;
    • Residential Investment Home Loans;
    • Residential Investment Interest-Only Home Loans;
    • Business Loans
    • Interest-Only Business Loans; and
    • Car and Personal Loans.

This increase will see the Standard Variable Home Loan Rate move from 5.04% p.a. to 5.19% p.a. (+0.15% p.a.).

 “This difficult decision was made after careful consideration as we are very conscious of the effect rising interest rates will have on our members,” General Manager Peter Townsend said.

“We do however need balance out the underlying costs to fund these loans and the needs of stakeholders.”

“We’ve needed to review interest rates in light of the increasing funding costs and to offset these costs.”

Mr Townsend has reiterated that Coastline as a member-owned financial institution will responsibly continue to provide sustainable returns and customer centric improvements to its valuable members.

“Members can review their home loan options with one of our home loan specialists if they wish. This is so they can ensure that their arrangements remain suitable for their circumstances,” he said.

The increase to our variable interest rates will come into effect on 21st September 2018.

Any members who have concerns about these rate changes can contact Coastline to discuss their loan – members can either visit their nearest Coastline Branch or ring 1300 36 1066.

Coastline Variable Mortgage Interest Rates:

New

Classic Home Loan

4.14% p.a.

Minimiser Home Loan

4.44% p.a.

Option Home Loan

4.89% p.a.

Introductory Rate Option Home Loan

3.39% p.a. 6 months then reverting to 4.89% p.a.

No Fee Home Loan

5.19% p.a.

Interest Only Home Loan

5.74% p.a.

Essentials Residential Investment Loan

5.04% p.a.

Option residential Investment Loan

5.49% p.a.

Variable Residential Investment Loan

5.79% p.a.

Interest Only Residential Investment Loan

6.19% p.a.

Home Equity Access

$50,000 - $150,000

Over $150,000

 

5.19% p.a.

4.89% p.a.

Reverse Mortgage Loan

5.89% p.a.