This morning, Bank Australia made big changes to its range of fixed and variable home loans, cutting rates for both owner occupiers and investors to stay in line with dropping market interest rates.
It wasn’t that long ago that Bank Australia was crowned Australia's Best Customer Owned Bank our annual Mozo Experts Choice Awards, so it’s safe to say it knows a thing or two about keeping customers happy.
Today’s changes saw reductions of 0.16% applied to variable rates, bringing the Bank Australia Basic Home Loan Special down to 3.35% (3.36% comparison rate*).
And if you’re looking to lock in a rate for a year or more you’ll be pleased to see so many cuts to fixed home loan options. Most notably, the Basic Home Loan two year fixed option saw a massive 0.60% cut, taking it down to 3.04% p.a. (3.50% p.a. comparison rate*).
Meanwhile, owner occupiers who sign up for the Premium Home Loan (Fixed, Package) will be offered even more impressive rates, with two year fixed options going as low as 2.94% p.a. (3.66% p.a. comparison rate*). There is a catch, however: you’ll need to have a deposit of at least 30% to apply.
As for investors, they’ll be looking at variable rates starting at 3.76% p.a. variable rate (3.80% p.a. comparison rate*), as offered by the Mozo Experts Choice Award winning Basic Home Loan.