Bank of Queensland rolls out industry's lowest advertised rate

By Gerv Tacadena

Bank of Queensland (BOQ) has rolled out its lowest variable rate ever in a bid to make home loans more accessible to homebuyers.

BOQ lowered the rate of its Economy Variable Home Loan to 1.98% p.a. (2.15% p.a. comparison rate), which the bank claims is lower than any other variable rate advertised by a major bank.

The rate is available to owner-occupiers paying principal and interest rate (P&I) and a 70% loan-to-value ratio (LVR).

According to BOQ, the rate does not switch to a higher rate at the end of an introductory term.

The mortgage offer comes with free redraw facilities.

For refinancers, a $3,000 cashback will be available. This offer will be available for applications submitted until 31 October 2021.

However this cashback offer is not available for existing BOQ customers.

Here are the other lenders who made some changes and adjustments to their rates over the past few days:

Aussie Home Loans

Aussie Home Loans lowered the rates of its Aussie Elevate Variable investor loans. Here are the changes:

  • Investment Elevate Offset Variable P&I 80% LVR - 2.54% p.a. (2.71% p.a. comparison rate)
  • Investment Elevate Offset Variable IO - 2.89% p.a. (3.09% p.a. comparison rate)
  • Investment Elevate Variable P&I 80% LVR - 2.54 p.a. (2.58% p.a. comparison rate)
  • Investment Elevate Variable IO - 2.89% p.a. (2.98% p.a. comparison rate)

bcu

Lender bcu adjusted the rates of its OMG! Variable Rates:

  • OMG! Variable Rate P&I 60-80% LVR - 2.39% p.a. (2.39% p.a. comparison rate)
  • OMG! Varia6ble Rate P&I =60% LVR - 2.29% p.a. (2.29% p.a. comparison rate)

Suncorp

Suncorp announced changes to its investment rates under its Back to Basics and Home Package products.

  • Investment Back to Basics P&I =70% LVR Special Offer - 2.49% p.a. (2.50% p.a. comparison rate)
  • Investment Back to Basics IO =70% LVR Special Offer - 2.69% p.a. (2.57% p.a. comparison rate)
  • Investment Home Package Plus P&I =70% LVR Special Offer - 2.59% p.a. (3.01% p.a. comparison rate)
  • Investment Home Package Plus IO =70% LVR Special Offer - 2.79% p.a. (3.04% p.a. comparison rate)
  • Home Package Plus P&I =70% LVR Special Offer - 2.39% p.a. (2.82% p.a. comparison rate)
  • Back to Basics Better Together P&I =70% LVR Special Offer - 2.29% p.a. (2.30% p.a. comparison rate)

Bank First

Bank First rolled out changes to two of its products:

  • Investment Introductory Premier Package =80% LVR - 2.51% p.a. (3.26% p.a. comparison rate)
  • Introductory Premier Package =80% LVR - 2.15% p.a. (2.81% p.a. comparison rate)

Check out Your Mortgage’s Home Loan Comparison tool to know about the most competitive home loan rates in the market.

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