It looks like the 2.99% fixed rate party just keeps getting bigger and bigger, as Bank of Queensland and Virgin Money have both cut their three year fixed rate to a rock bottom 2.99% (4.19% comparison rate and 3.53% comparison rate respectively*), effective today.
Earlier this month, Greater Bank kicked off the 2.99% trend by slashing its 1 year fixed rate, before UBank sized up to the task and did the same.
“We want to help more Australians achieve their financial goals, whether that’s buying into the property market for the first time or expanding an existing portfolio,” said Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood.
One thing to keep in mind is that the new 2.99% fixed rate loan available from both Virgin Money and Bank of Queensland from today, is only available to new borrowers with a 20% deposit. However there are other fixed rate options for those looking to borrow with a 10% deposit.
But of course, there’s more to a great value loan than just a super low rate, so let’s take a closer look at the Bank of Queensland and Virgin Money fixed rate home loan.