Our rates have changed.

In light of the November cash rate increase of 0.25% p.a. from the RBA, All Retro Lite and Link home loan interest rates will increase by 0.35%, All Retro Full Doc, SMSF and Thrive home loan interest rates will increase by 0.25% p.a. from Monday, 20 November 2023.

For more information, please contact our Client Services team on 1800 629 948 or at clientservices@afghomeloans.com.au.

FAQs

1. How do moves in the Cash Rate effect my home loan interest rate?
   While the Reserve Bank’s cash rate target – which is the interest rate on unsecured overnight loans between banks – has a significant impact on interest movements, it is not the only factor. Other factors such as conditions in financial markets, changes in competition, risks associated with different types of loans, and economic risks more generally also influence funding costs for lenders. It is worth noting that the RBA takes account of developments in funding costs and lending rates when determining the appropriate setting of the cash rate. The RBA Board aims to ensure that interest rates faced by households and businesses are consistent with the desired stance of monetary policy. For example, if the Board expects that a given reduction in the cash rate will not be matched by an equivalent reduction in interest rates, then it can opt for a larger reduction in the cash rate as required to achieve the desired monetary policy setting. The reverse applies if it holds the view that funding costs are pushing ahead of the cash rate. That is, they may apply a smaller increase than they might otherwise, knowing that interest rates will rise to their preferred levels in any case.
2. Why have you chosen to lift your rates higher than the official RBA cash rate and the major banks?
   Like most lenders, the increasing cost of funds has impacted our interest rate change decision. Our funding comes from alternative sources and the rate we are charged for these funds has significantly increased this year, so we’ve had to pass some of these costs on. We acknowledge that this increase might be more than you were expecting. If you are concerned about making your repayments, we have a range of options available here to help you manage your loan and plan ahead.
3. When will my variable interest rate change?
   Your repayment amount will be adjusted 28 days after the effective date of your new interest rate. We will confirm your adjusted rate and repayment amount in writing (by email or mail if you have not provided a valid email address).
4. How will the rate announcement affect my variable home loan repayments?
   When there’s an increase in the cash rate from the RBA, and we increase our interest rates, the minimum repayment amount you need to pay will increase.
5. Do I need to do anything?
   • Interest Only repayments – No, we will automatically adjust your repayments.
   • P&I repayments
     • If you are paying minimum monthly repayments – No, we will automatically adjust your repayments.
     • If you are paying set monthly repayments above the minimum amount [by direct debit] – Yes, as interest rates fluctuate you will need to contact us on 1800 629 948 to ensure your minimum repayment obligations are being met.
     • If you are paying weekly or fortnightly repayments (by direct debit) – Yes, as interest rates fluctuate you will need to contact us on 1800 629 948 to ensure your minimum repayment obligations are being met.
6. What can I do if I’m having difficulty making repayments? (Hardship)
   Should you be experiencing any difficulties with the increase in your repayments, please contact our Customer Assist Team on 1800 629 948, options 1 & 2, or click here for more information.
7. What if I’m currently on hardship management?
   Please contact our Customer Assist Team on 1800 629 948, options 1 & 2, to discuss your situation.
8. Do you have a fixed rates option?
   Unfortunately, Retro and Link do not have fixed rate home loans available.
9. Do you have more questions?
   If you have any more questions, please contact our Client Services team on 1800 629 948 or at clientservices@afghomeloans.com.au.

Our rates have changed.

In light of the November cash rate increase of 0.25% p.a. from the RBA, Alpha will also increase their home loan variable rates for existing loans by 0.25% p.a. from Friday, 24 November 2023.

For more information, please contact our Alpha Support Team on 1300 247 033.

FAQs

1. Why are my rates changing?
   The Reserve Bank of Australia (RBA) will adjust the cash rate when deemed necessary, which impacts Alpha’s cost of funding. The cost of funding change is passed onto the borrower by changing their interest rate.
2. When will my variable interest rate change?
   Before any changes are made, Alpha will send a notification letter, including the new rate, repayment, and commencement date. This can arrive up to three weeks after the RBA and Alpha’s decision.
3. How will the rate announcement affect my variable home loan repayments?
   Once Alpha has applied the interest rate change, your loan repayment will be amended on the following payment cycle.
   • Example #1 Mr R Smith repayment date is 25th of the month. 25 May 2022, existing repayment will come out as expected, 1st increased repayment is due 25 June.
   • Example #2 Ms S Field repayment date is 22nd of the month. 22 May 2022 existing repayment will come out as expected, 1st increased repayment is due 22 June 2022.
   • Example #3 Mrs J Franklin repayment date is 1st of the month. 1 June 2022 existing repayment will come out as expected, 1st increased repayment is due 1 July 2022.
4. Do I need to do anything?
   Your rate change letter will advise you of your new rate and effective date.
   • If your Direct Debit is set up to pay the minimum payment, it will automatically update to reflect the new repayment
   • If you are paying a minimum plus fixed amount, the fixed amount will be added to the new minimum payment required
   • If the Automatic Deduction is set up to pay a fixed amount only, you may need to update the current payment to ensure it covers the updated repayment.
5. What if I want to change my repayment amount?
   There are two options available to change your repayment amount. You can:
   • Use our Online Banking secure email feature, to request the change. Our service team will update the repayment and send a secure email confirmation once completed.
   • Phone Alpha’s Customer Service Team 1300 247 033 to update the repayment amount and Direct Debits.
6. What can I do if I’m having difficulty making repayments?
   Should you experience any financial difficulty meeting loan repayments, please contact our Mortgage Help Centre on 1300 650 259 for support and to discuss your options.
7. What if I’m currently on hardship management?
   If you are currently on a Hardship Management Assistant program, you can contact your Hardship Officer on 1300 650 259 to review the current rate rises and how it will impact your circumstances and make any necessary adjustments.
8. Do you have a fixed rate option?
   We have fixed rate options available that you can select at any time. The Alpha Customer Service team can assist with your request on 1300 247 033.
9. Do you have more questions?
   To assist with any rate change enquiries, please call the Alpha Customer Service team on 1300 247 033.

Our rates have changed.

In light of the November cash rate increase of 0.25% p.a. from the RBA, Options will also increase their home loan variable rates for existing loans by 0.35% p.a. from Monday 4 December 2023.

For more information, please contact our Edge Support Team on 1300 543 558.

FAQs

1. Why are my rates changing?
   The decision to change rates reflects the impacts of the domestic and global environment, including changes to official cash rates. We’ve considered a range of factors in making this decision and remain committed to providing competitive home loan rates to our customers. We will continue to monitor the market and encourage customers to get in touch with us to discuss their home loan needs.
2. When will my variable interest rate change?
   For existing variable rate loans, the change effective date is Friday, 29 July 2022.
3. Do I need to do anything?
   No. Existing customers with a variable rate home loan will receive a letter advising them of changes to their interest rate and repayments.
4. How will the rate announcement affect my variable home loan repayments?
   Existing customers with a variable rate home loan will receive a letter advising them of changes to repayments. If you have further questions, please contact your broker or customer care on 1300 543 558 between 8:00am and 7:30pm AEST.
5. What if I want to change my repayment amount?
   Please contact Edge Customer Care on 1300 543 558 or your broker to discuss.
6. What can I do if I’m having difficulty making repayments?
   We understand some people’s circumstances might change, and if any customers are having difficulties making home loan repayments, they should contact the Edge Assist Team on 1300 133 053 between 8:00am and 7:30pm AEST or your broker to discuss possible options.
7. What if I’m currently on hardship management?
   Please contact the Assist Team on 1300 133 053 to discuss further between 8:00am and 7:30pm AEST.
8. Do you have a fixed rates option?
   Yes. To discuss whether a fixed rate option is suitable for you, please contact your broker.
9. Do you have more questions?
   If you have further questions, please contact customer care between 8:00am and 7:30pm AEST or your broker.

Our rates have changed.

In light of the November cash rate increase of 0.25% p.a. from the RBA, Options will also increase their home loan variable rates for existing loans by 0.35% p.a. from Thursday, 16 November 2023.

For more information, please contact our Options Support Team on 1800 629 948.

FAQs

1. What do I need to know if I’m an existing customer?
   From Friday, 15 July 2022 (the effective date), the interest rate that applies to your loan will increase.
   You will separately receive notice of your new interest rate and what your new repayments will be. Your repayments will not change until we notify you of these changes. After the Effective Date, you can check your loan details online using LoanServiceNet. If you are concerned about changes to your loan, not being able to make repayments or need extra support, we have a range of options available here to help you with managing your loan and planning ahead.
2. Why have you chosen to lift your rates higher than the official RBA cash rate?
   Like most lenders, the increasing cost of funds has impacted our interest rate change decision. Our funding comes from alternative sources and the rate we are charged for these funds has significantly increased this year, so we’ve had to pass some of these costs on. We acknowledge that this increase might be more than you were expecting. If you are concerned about making your repayments, we have a range of options available here to help you manage your loan and plan ahead.
3. What do I need to know if I have an existing application with Options?
   For customers with an existing application, we’ll be in touch with you within 2 days of settlement to outline your new loan details including the effective interest rate and repayment details applicable to your loan. If you have any questions about how this rate change impacts on your application, we recommend speaking with your broker or lending specialist.

Our rates have changed.

In light of the November cash rate increase of 0.25% p.a. from the RBA, Align will increase their home loan variable rates for existing loans by 0.35% p.a. from Friday, 10 November 2023.

For more information, please contact Align Customer Care on 1300 163 184.

FAQs

1. Why are my rates changing?
   As the Reserve Bank of Australia (RBA) announces increases to the official cash rate, Align must also review its cost of funding and increase rates accordingly to all variable home loan interest rates, for new and existing home loans. Our aim is to always provide value for our customers, whilst also balancing the cost associated with funding home loans and maintaining prudent operational management of our financial institution.
2. When will my variable interest rate change?
   The interest rate you pay is our standard residential rate (as published on our website) plus a margin. We adjust our standard residential rate on the 10th day of each month (or next business day) in line with the terms and conditions of the loan contract.
3. How will the rate announcements affect my variable home loan repayments?
   Thinktank advertise the rate change within the local newspaper and also send a letter to all our customers notifying them of the change, and the new repayment amount and date.
4. Do I need to do anything?
   This interest rate change affects the direct debit deductions set up for your loan.
   If your direct debit repayment is scheduled to occur between the date of the letter and the date the base rate will change, it will be at the current amount. If your direct debit repayment is set up to pay a fixed amount, you may need to adjust your current payment in line with the above change to make sure it covers your new repayments. If you would like to adjust your repayment, please email Loan Support loansupport@thinktank.net.au, or call us at 1300 163 184.
5. What if I want to change my repayment amount?
   You can change your repayment amount by either sending us an email at Loan Support loansupport@thinktank.net.au, or by calling us at 1300 163 184.
6. What can I do if I’m having difficulty making repayments?
   Align encourages customers who may be facing financial difficulties to contact us on 1300 163 184 as soon as possible so that we can best assist you and provide you certainty. Our call centre operates between 8.30am – 5:30pm Monday through to Friday. If payments fall into arrears without prior notice your credit history may be impacted, therefore making suitable adjustments now may reduce the impact of hardship later.
7. What if I’m currently on hardship management?
   For those customers already under a hardship arrangement your current repayment arrangement with Align is unchanged. Your future repayments post the hardship arrangement will likely increase with the interest rate increase. Customers will receive confirmation of the increased repayment 30 days prior to the hardship arrangement coming to an end.
8. Can I estimate my repayments?
   You can explore what a variable interest rate change could look like, with our repayment calculator.
9. How can I check my current interest rate?
   You can instantly check your current rate, repayments and balance by signing into the Online Banking and selecting your home loan account. Alternatively, you can call us at 1300 163 184.
10. What changes can I make to my repayments?
    Here are some of the changes you could make:
    • Repay only the minimum amount – which could free up extra cash in the short term.
    • Repay more than the minimum – over time you could pay your loan off sooner.
    • Change repayment frequency. We offer weekly, fortnightly or monthly payment options.
    • Switch between P&I and IO for investment home loans (subject to credit approval).
11. Do you have a fixed rate option?
    Yes. You could change your variable home loan to a fixed home loan by contacting us directly on 1300 163 184 or by sending us an email at loansupport@thinktank.net.au. For new customer home loan enquiries, please contact your broker.
12. Do you have more questions?
    For any other requests, please contact us on 1300 163 184 or send us an email at loansupport@thinktank.net.au.

We are currently reviewing our rates.

At present, Icon are in the process of reviewing our rates and once we have determined any changes, they will be published here and will be communicated directly to our customers.

For more information, please contact 1800 467 483 or at icon@afghomeloans.com.au.

If you’re experiencing difficulties keeping up with mortgage repayments, we may be able to help you. Visit our financial hardship page for assistance.