Owner-occupier rates on move at BOQ and NAB
Bank of Queensland and Advantedge (NAB's white-label funding arm) have swung along with the trend to lifting interest rates on home loans. There's talk of more in January, continued by those banks already on the front foot on pricing.There's a widening list of banks willing to apply the rate rise across the whole mortgage book, leaving those that have acted only on investment loans to catch up.In BOQ's case, the rate rises are aimed at customers on higher rates products. BOQ lifted rates by 15 basis points on eight of ten home loan products spelled out yesterday.Economy home loan customers are spared any rate rise, this end of the market obliged to respond to low rate lenders such as FirstMac's loans.com.au, which continues to offer home loans at 3.61 per cent, 30 bps lower than BOQ's best rate.NAB, which moved on Friday, avoided any harsh media coverage by applying the rate hike to the Advantedge arm that farms out funds with other non-bank branding.Advantedge Financial Services is increasing its interest rates for all variable rate loans by 0.10 per cent, from late January. BOQ's rate hikes cut in the week after New Year.