It was a fairly quiet week for home loan rate cuts, as many lenders cut right after the Reserve Bank slashed its cash rate to 0.25% in March.
In previous weeks, fixed home loans saw most attention, with advertised rates now hovering close to the elusive 1% mark.
That trend looks to continue, with People's Choice Credit Union being one of the only significant lenders to cut rates in the past week.
The People's Choice home loans that saw the 45 basis point cut were fixed investment loans for four and five years, paying principal and interest (P&I).
For four years, the advertised interest rate is now 3.44% p.a. (4.71% p.a. comparison rate*)
And for five years, the rate is now also 3.44% (4.59% p.a. comparison rate*)
People's Choice Credit Union chief Steve Laidlaw said the cuts were in response to the 'competitive landscape'.
"Ultimately, we are focused on making sure our members have access to a competitive offering backed by an institution with their interests at heart," he said.
Some of the other rate cuts made by People's Choice were:
- Residential Fixed P&I 3 Years: 30 basis point cut to 2.44% p.a. (4.11% p.a. comparison rate*)
- Residential Fixed P&I 2 Years: 20 basis point cut to 2.44% p.a. (4.28% p.a. comparison rate*)
- Investment Fixed P&I 3 Years: 39 basis point cut to 2.89% p.a. (4.70% p.a. comparison rate*)
- Investment Fixed P&I 2 Years: 39 basis point cut to 2.79% p.a. (4.86% p.a. comparison rate*)
Fixed rate home loan interest rates are now comparable to variable rate home loans.
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