More lenders slash their fixed home loan rates following RBA cut
Since the RBA rate cut two weeks ago, lenders have been slashing their fixed home loan rates like it’s going out of fashion.
Both ME and loans.com.au have dropped their fixed home loan rates today for new owner occupier, principal and interest borrowers.
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.
Fixed home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,899
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge Fee
-
$160.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,915
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special Offers
-
$3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
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Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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