As the country anticipates the possibility of another cash rate cut later in the year, home loan rate cuts keep rolling in.
Greater Bank, Aussie, Bendigo Bank and Adelaide Bank are the latest in a long line of lenders to make changes to their fixed and variable rate cuts.
Looking for a low variable rate home loan? The table below displays owner occupier products which may represent the best of the big four banks, best of the top 10 customer-owned banks and the best of the larger non-banks.
| Company | Ad rate p.a. |
Comp rate* p.a. |
Monthly repayments |
|
|---|---|---|---|---|
| Purchase or Refi, P&I 80% Smart Home Loan | 3.03% | 3.05% | $1,693 | More details |
| Real Deal P&I Special Offer 90% 150k+ | 3.15% | 3.16% | $1,718 | More details |
| Base Variable Rate P&I Special Offer <80% | 3.35% | 3.39% | $1,763 | More details |
| Ad rate p.a. |
Comp rate* p.a. |
Monthly repayments |
|
|---|---|---|---|
| Purchase or Refi, P&I 80% Smart Home Loan | |||
| 3.03% | 3.05% | $1,693 | |
| More details | |||
| Real Deal P&I Special Offer 90% 150k+ | |||
| 3.15% | 3.16% | $1,718 | |
| More details | |||
| Base Variable Rate P&I Special Offer <80% | |||
| 3.35% | 3.39% | $1,763 | |
| More details | |||
*Data accurate as at 2 August 2019. See disclaimer. This table shows (at the time of writing) some of the sharpest rates on offer from the big 4, the top 10 customer-owned institutions (e.g. not-for-profits, credit unions etc.) and the larger non-banks (for their variable, P&I, owner-occupier, non-honeymoon home loans with a loan amount of $400,000).
Aussie rate cuts
Aussie home loans have announced rate cuts of up to 71 basis points across its range of fixed home loan products.
The home loan lender and mortgage broker cut its two and three-year fixed rates across its owner occupier loans.
- Two-year fixed principal and interest Select Basic 80% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
- Two-year fixed principal and interest Select Basic 95% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
- Three-year fixed principal and interest Select Basic 80% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
- Three-year fixed principal and interest Select Basic 95% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
- Two-year fixed principal and interest Select Standard has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
- Three-year fixed principal and interest Select Standard has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
Bendigo Bank rate cuts
One of Australia’s biggest banks outside of the big four, Bendigo Bank, reduced home loan interest rates on its owner occupier and investment home loan products.
Changes for owner occupiers:
- Two-year basic fixed principal and interest has been reduced by 40 basis points to 3.19% p.a. (3.55% p.a. comparison rate*)
- Three-year basic fixed principal and interest has been reduced by 50 basis points to 3.29% p.a. (3.55% p.a. comparison rate*)
Changes for investors:
- Two-year basic fixed principal and interest has been cut by 30 basis points to 3.59% p.a. (3.98% p.a. comparison rate*)
- Three-year basic fixed principal and interest has been cut by 30 basis points to 3.69% p.a. (3.99% p.a. comparison rate*)
Adelaide Bank rate cuts
Adelaide Bank, which is part of the Bendigo and Adelaide Bank brand group, jumped in on the rate-cutting action by cutting rates across its fixed and variable home loan products for owner occupiers and investors.
Changes for owner occupiers:
- One-year fixed principal and interest SmartSaver has been cut by 25 basis points to 3.14% p.a. (3.95% p.a. comparison rate*)
- Two-year fixed principal and interest SmartSaver has been cut by 25 basis points to 3.14% p.a. (3.88% p.a. comparison rate*)
Changes for investors:
- One-year fixed principal and interest Investment SmartSaver has been cut by 45 basis points to 3.44% p.a. (3.89% p.a. comparison rate*)
- Two-year fixed principal and interest Investment SmartSaver has been cut by 45 basis points to 3.44% p.a. (3.85% p.a. comparison rate*)
Greater Bank rate cuts
Greater Bank also hopped on the bandwagon, slashing rates on its range of fixed home loan products by 20 basis points, effective from today.
Some of the highlights include:
- Four-year fixed Great Rate Discount on home loans over $150,000 have been cut by 20 basis points to 3.19% p.a. (3.77% p.a. comparison rate*)
- Five-year fixed Great Rate Discount on home loans over $150,000 have been cut by 20 basis points to 3.19% p.a. (3.72% p.a. comparison rate*)
- Four-year fixed Great Rate has been cut by 20 basis points to 3.19% p.a. (3.77% p.a. comparison rate*)
- Five-year fixed Great Rate has been cut by 20 basis points to 3.19% p.a. (3.72% p.a. comparison rate*)
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
Denise Raward
Rachel Horan
