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本帖最后由 Hetbert 于 2018-11-13 23:26 编辑
https://www.afr.com/personal-fin ... ins-20181112-h17tue
Westpac's Bank of Melbourne hikes discounts by 130bp to revive loans and rebuild margins
Duncan Hughes AFR
Westpac Group's Bank of Melbourne is set to offer mortgage discounts of more than 130 basis points in an aggressive marketing push to boost flagging demand from new borrowers.
The discounts are more than double those recently announced by CBA, the nation's largest lender and primary rival.
Bank of Melbourne is the first in the group to test the market with the discounts – but mortgage brokers expect Westpac and its other brands, BankSA and St George Bank, will quickly follow if business improves.
Its new policy is targeting rival lenders, such as NAB, which claim to have turned away from aggressive discounting in a bid to rebuild relationships with existing borrowers following bruising revelations in the royal commission.
Westpac, the nation's second largest lender, is set to unveil even bigger discounts for borrowers that have deposits of up to 40 per cent, with smaller deposits receiving lower discounts.
The bank's move comes as auction clearance rates slump and demand for investor and owner-occupier loans continue to weaken because of tighter screening of applications, rising costs and falling demand.
It recently rocked the property sector by announcing increases to standard variable rates on the eve of spring sales, traditionally the busiest time of the year for real estate sales.
The rate rises were quickly replicated by most of the nation's largest lenders, despite the Reserve Bank of Australia holding the cash rate steady.
NAB, which claimed it was holding standard variable rates to rebuild borrower confidence, has since been cutting discounts – or effectively increasing rates – for new borrowers.
Chief executive Andrew Thorburn said it has stopped chasing new business with aggressive discounts and will focus on rewarding loyal customers.
First-time buyers up for grabs
Home loan demand in September reveals some of the weakest housing demand in more than four years, according to the latest government statistics.
But lower prices, less pressure on buyers, more choice and greater opportunities to negotiate are attracting more first-time home buyers into the market, who are also receiving state government incentives, such as lower stamp duty, in some states.
Lenders are encouraging new borrowers by allowing for "Bank of Mum and Dad" financing deals, which allow the parents of borrowers to contribute to deposits, support repayments or underwrite the loans with their own homes or savings
A credit crunch created by tough macroprudential controls and deep-dive assessment of borrowers capacity to service loans are delaying – or declining – many loan applications.
Lenders, who need rising net interest margins to boost profits, are competing aggressively for first-time buyers offset losses in others, particularly interest-only investors.
The new Bank of Melbourne offer is targeting borrowers in its no-frills Advantage Package.
A discount of 130 basis points will be available for new loans, loan increases or for borrowers switching from other lenders.
Borrowers with a loan to value ratio of 80 per cent, or less, will be eligible for additional discounts.
For example, borrowers with deposits of between 20 per cent and 40 per cent are being offered another 5 basis points rising to 10 basis points for 40 per cent mortgage.
Bank of Melbourne is the first to offer the new rates but other banks within the group are expected to follow.
"It's part of our ongoing commitment to helping more Victorians into their own homes," according to the bank, which describes the cuts as "important changes to our pricing structure".
CBA, HSBC, ING and Westpac have recently decreased rates, increased discounts, or reduced loan fees for new borrowers in a bid to stimulate demand.
CBA, the nation's largest lender, is increasing discounts of up to 50 basis points on variable mortgage rates in a bid to attract more first-time buyers and existing borrowers seeking to refinance.
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