In response to RBA’s decision to increase the official cash rate by 0.50% on 7th June 2022, Vast Capital Mortgage Management ("VCMM") has updated its interest rates.
Product VM
Rate increase of 0.50% across existing settled loans and any new business, effective from 22th June 2022.
All the loans with P&I repayment will effective on the 12th July 2022.
Notification email has been sent to customers on 10th June 2022.
For customers that have opted for mail, the notice has been sent in the post 12 days before the change.
All new contracts issued from or after 10th June 2022 include the 0.50% rate increase.
All customers will be sent an email on 20th May 2022.
Customers that have opted for mail, notice would have been sent in the post 7 business days before the change.
The following further increase to the Alt Doc rates will be effective 1st July 2022
Owner Occupied – Increase by 0.25%.
Investment Principal and Interest (P&I) – increase by 0.45%.
Investment Interest Only (IO) – increase by 0.50%.
Product VOC
The following rate change were effective from 20th June 2022.
Owner Occupied & Investment – 0.50% increase.
Expat Loans – 0.60% increase.
Non-Res Loans – 0.60% increase.
Interest Only loading increased from 0.30% to 0.40%.
All deals submitted to VOC on or after Monday 20th June 2022 must reflect the new interest rates.
All pipeline deals that had not settled as at COB Friday 10th June 2022 and/or are submitted to VOC before 20th June 2022 will receive a rate increase on or around 15th August 2022 or in a subsequent RBA rate change.
VOC will be increasing the interest rate on all standard P&I Owner Occupied and Investment loans by 0.50 % effective 17th June 2022 with loan repayment changes effective on or after 1st August 2022.
VOC will be increasing the interest rate on all standard IO Owner Occupied, Investment and SMSF loans by 0.60 % effective 17th June 2022 with loan repayment changes effective on or after 1st August 2022.
VOC will be increasing the interest rate on all Expat and Non-Resident loans by 0.60% effective 17th June 2022 with loan repayment changes effective on or after 1st August 2022.
Product VS
For pipeline applications and new business, the new rates were effective from 14th June 2022.
All undocumented applications will be assessed and documented at the higher rate.
Documented applications awaiting settlement will receive notification upon settlement regarding the rate rise and the rate will be adjusted accordingly based on the existing customer rate.
All existing residential and commercial loans have received an increase of 0.50% to their current rate.
Borrowers have been informed of the change in the form of an email or letter communication.
The new interest rates were effective from 20th June 2022 and for P&I loans the new minimum payments will be effective after 20th July 2022.
Product VB
VB has increased its interest rates by 0.50% p.a. for all new and existing variable rate home loan customers, across its product range, effective from 10th June 2022.
The new interest rates apply to all promotional offers, pipeline applications, and all applications that are approved but not yet settled.
Customer correspondence has been issued from 5.00pm AEST 9th June 2022 advising existing clients of their rate change.
Product NBH
NBH has updated its rate sheet on 9th June 2022 reflecting the RBA cash rate increase. Please request an updated rate sheet from your VCMM BDM.
Product VP
Variable rate front book (New Applications + Pipeline) rate increase of 0.50% in line with RBA. This will be effective 23rd June 2022.
Variable rate back book 0.65% increase effective 17th June 2022 in light of the sharp funding cost increase.
The repayment increase will apply from the next monthly loan anniversary date.
For more information, please send your pre-settlement enquiries to info@vcmm.com.au and post-settlement enquiries to service@vcmm.com.au or contact your VCMM BDM directly.