Since the RBA rate cut two weeks ago, lenders have been slashing their fixed home loan rates like it’s going out of fashion.
For their 2 year fixed rate offerings, loans.com.au reduced their rate by 0.29%, dropping it to 3.19% (3.67% comparison rate*), while ME made a 0.31% cut, lowering their rate to 3.43% (4.26% comparison rate*).
Loans.com.au (Fixed Home Loans - LVR <80%)
|New Rate||Comparison Rate||Change|
|2 Year Fixed Special||3.19%||3.67%*||-0.29%|
|3 Year Fixed Special||3.19%||3.63%*||-0.29%|
ME (Fixed Home Loans - LVR <90% with Member Package)
|New Rate||Comparison Rate||Change|
|1 Year Flexible Home Loan||3.63%||4.32%*||-0.21%|
|2 Year Flexible Home Loan||3.43%||4.26%*||-0.31%|
|4 Year Flexible Home Loan||3.78%||4.30%*||-0.21%|
|5 Year Flexible Home Loan||3.78%||4.29%*||-0.21%|
ME has also reduced interest rates from 0.10% to 0.30% across their fixed investment home loan products, for both principal and interest, and interest only loans.
But these new rates aren’t the lowest around, Greater Bank cut their fixed home loan rate for their 1 year term to an impressive 2.99%, and then UBank matched it by also offering the same rate on their 1 year fixed home loan.
Who else has made the cut?
Here at Mozo we’ve been keeping a close eye on any rate changes since the RBA passed their cut, so here’s our roundup of all the lenders who have dropped their rates by 0.25% or more on their fixed home loans.
- Hunter United Credit Union dropped their rate by 0.36% on their 1 year Fixed Home Loan and by 0.41% on their 3 year Fixed Home Loan for owner occupiers.
- Northern Inland Credit Union cut their rate by 0.30% on their 3 year Fixed Introductory Home Loan, and lowered it by 0.39% on both their 2 and 3 year terms on the Fixed Rate Home Loan.
- P&N Bank reduced the interest rate on their 2 and 3 year Fixed Rate Home Loans for owner occupiers by 0.39%.
- Reduce Home Loan made a cut to their Home Owners Dream 2 Year Fixed loan for owner occupiers by 0.40% and also slashed their Home Owners Dream 3 Year Fixed loan greater than $250k by 0.50%.
- The Mutual Bank dropped rates by 0.25% across their Fixed Rate Home Loans and Packaged Fixed Rate Home Loans for 1, 2 and 3 years.
- UBank made the biggest change so far by dropping their 1 year UHomeLoan by 0.60% and also cutting the 3 year rate by 0.35% and the 5 year term rate by 0.50%.
- Yellow Brick Road slashed their rates on both their 2 and 3 year fixed rate offering on their Flexi Option Special Home Loan.
Lenders such as Auswide, Beyond Bank, Community Credit Union, Credit Union SA, CUA, IMB and Resi made small cuts of between 0.10% and 0.16%.
Are you looking to secure a great rate on a home loan? To measure up different lenders head to our home loan comparison table, or for some helpful information on all the features you may need on your loan, check out our handy guides and tips.
Compare home loans - page last updated October 31, 2020
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