Major banks to raise interest rates this month

The Bank of Tokyo-Mitsubishi UFJ (MUFG) and other major Japanese banks will be raising the prime rate on their 10-year fixed-rate home loans this month. Read more

MUFG to offer reverse mortgages

The Bank of Tokyo-Mitsubishi UFJ (MUFG) will begin offering reverse mortgages this month.

While the majority of reverse mortgages in Japan are only based on the value of the land (due to the low value given to older buildings), MUFG's mortgages can also apply to homes and apartments.Read more

Mizuho reducing home loan interest rates to 0.55%

In an effort to attract borrowers looking to purchase before the increase in the consumption tax rate, Mizuho Bank announced that they will be lowering their prime interest rate on their 2-year fixed-rate mortgage from its current level of 0.95% to 0.55%. The ultra-low interest rate campaign will be offered until the end of March 2014. It is possible that other banks will soon follow.

Mizuho and two other banks have also lowered the prime rates on their 3-year fixed-rate mortgages to 0.60%.

Source: The Nikkei Shimbun, January 9, 2014.

Mizuho to raise interest rates this month

Mizuho Bank announced that they will increase the prime interest rate on their 10-year fixed-rate mortgage from 1.45% to 1.50% for loan contracts signed in December.Read more

Consumption tax and interest rates - how do they really affect your purchase?

Buyers have been out in force at home display centres and condominium sales galleries. The main drivers behind the increased activity is the planned increase in Japan's consumption tax and a fear of rising interest rates.

Should you buy now just because consumption taxes are going to increase?Read more

Mizuho and Sumitomo Mitsui to lower interest rates

Mizuho Bank and Sumitomo Mitsui Trust Bank are lowering their prime lending rates on home loans this month.

Mizuho is reducing the interest rate on their variable and fixed-type mortgages by 0.1%, while Sumitomo Mitsui will be reducing their variable rate from 0.775% to 0.725%. This will be the first time since November 2010 that Sumitomo Mitsui has reduced their variable rate.Read more

Fixed or floating: Which type of home loan interest rate is right for you?

For many, buying a home is the largest purchase they will make in their lifetime, but it can also be one of the biggest debts they take on. Choosing the type of mortgage - fixed-rate or variable rate - can be a difficult decision to make.

Fixed-rate loans offer stability as the interest rate is fixed for the duration of the term. With variable-rate loans, however, there is a risk that you repayments may rise in the future. Variable-rates are typically reviewed twice a year.Read more