Interest rates have never been so low and the question on many borrower’s lips is “should I fix my rate”?
Some of Australia’s biggest banks plus a few smaller lenders are now offering some of the lowest mortgage rates in history off the back of the most recent 0.25% cash rate cut from the Reserve Bank of Australia (RBA) in July.
But with more cash rate cuts likely to come, home loan interest rates should only continue to fall further.
At the time of writing, Greater Bank currently offers one of the lowest fixed home loan interest rates at 2.79%. RACQ Bank isn’t far behind though, recently cutting rates to 2.80% on its fixed owner-occupier home loans.
RACQ Bank mortgage rate cuts
Queensland’s RACQ Bank this week cut fixed home loan rates by up to 39 basis points across its fixed owner-occupier home loans.
- Choices Package two-year fixed home loans up to $20k have been reduced by 39 basis points to 2.90% p.a (comparison rate 4.40% p.a.)
- Choices Package three-year fixed home loans up to $20k have been reduced by 19 basis points to 2.80% p.a (comparison rate 4.27% p.a.)
- Three-year fixed has been reduced by 19 basis points to 2.90% p.a. (comparison rate 4.23% p.a.)
People’s Choice Credit Union mortgage rate cuts
People’s Choice Credit Union cut rates on their fixed products for owner-occupiers this week by up to 95 basis points.
- One-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 95 basis points to 2.99% p.a. (comparison rate 4.34% p.a.)
- Two-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 19 basis points to 2.99% p.a. (comparison rate 4.25% p.a.)
Teachers Mutual Bank mortgage rate cuts
Customers of Teachers Mutual Bank can now enjoy fixed home loan rates of 2.98% p.a. (comparison rates differ, see below) with the bank this week slashing rates by 50 basis points.
The changes apply to owner-occupiers paying principal and interest, effective from 29 August 2019.
- One-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.62% p.a.)
- Two-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.47% p.a.)
Greater Bank mortgage rate cuts
Greater Bank has been busy cutting rates across a number of their fixed rate products by 20 basis points to 2.99% p.a. (comparison rates differ).
The changes are effective from 30 August 2019.
- Great Rate Discount four-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
- Great Rate Discount five-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)
- Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
- Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)
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