UBank also made cuts to its investor variable rate UHomeLoan, which now start from a low 3.74% (3.74% comparison rate*).
UBank UHomeLoan Owner Occupier Variable Rate Changes
Exactly two weeks ago, UBank announced it was slashing rates on its fixed rate home loan across 1,3 and 5 year terms, bringing its 1 year fixed rate to a jaw dropping 2.99% (4.42% comparison rate*), the lowest fixed rate in our database for that term.
UBank’s 0.25% rate cut follows the Reserve Bank’s move to cut the official cash rate to a record low 1.25%. But with another RBA rate cut potentially in the works, Mozo’s Banking Expert, Peter Marshall says he wouldn’t be surprised if UBank or other lenders made further reductions to their variable rates.
“UBank’s new variable rates are incredibly competitive, and with what seems to be a likely second rate cut for the year coming shortly we expect to see those variable rates will drop even further,” he explained.
Want to find out more about the UBank UHomeLoan? Check out our full review or see how it stacks up against other variable rates in the market by heading over to our home loan comparison tool.