Bank of us matches ultra-low-rate offer, Teachers Mutual Bank hikes fixed rates

By Gerv Tacadena

Bank of us has slashed one of its home loan interest rates which could be one of Australia’s lowest ever.

Ahead of the Reserve Bank of Australia’s announcement of cash rate, several banks have adjusted their rates over the past week.

Bank of Us

Tasmania’s customer-owned lender Bank of us cut its ‘FlexiDiscount’ one-year fixed home loan by 20 basis points (bps) for owner occupier borrowers with 80% LVR, bringing the advertised rate to 1.59% p.a. (2.43% p.a. comparison rate).

This rate matches Greater Bank’s lowest advertised rate which was announced two weeks ago.

Bank of us also slashed its variable FlexiDiscount special offer for owner occupiers with 80% LVR by 10 bps down to 2.09% p.a. (2.11% p.a. comparison rate).

These limited-offer rates are available for Tasmanian residents who are applying for new loans until 10 December 2021.

Teachers Mutual Bank and Firefighters Mutual Bank

Teachers Mutual Bank and its affiliate brand Firefighters Mutual Bank hiked the rates of their fixed standard and package home loans by up to 20bps.

The changes apply to both owner-occupier and investor loans. Here are some of the new rates:

  • Your Way P&I Fixed 3 yrs - 2.29% p.a. (3.81% p.a. comparison rate)
  • Your Way P&I Fixed 4 yrs - 2.49% p.a. (3.73% p.a. comparison rate)
  • Your Way P&I Fixed 5 yrs - 2.94% p.a. (3.79% p.a. comparison rate)
  • Your Way IO Fixed 3 yrs - 2.49% p.a. (3.88% p.a. comparison rate)
  • Your Way Plus P&I Fixed 3 yrs 60-80% LVR - 2.14% p.a. (2.96% p.a. comparison rate)
  • Your Way Plus IO Fixed 3 yrs 60-80% LVR - 2.34% p.a. (2.99% p.a. comparison rate)
  • Investment Your Way P&I Fixed 3 yrs - 2.59% p.a. (4.11% p.a. comparison rate)
  • Investment Your Way P&I Fixed 4 yrs - 2.79% p.a. (4.03% p.a. comparison rate)
  • Investment Your Way P&I Fixed 5 yrs - 3.24% p.a. (4.08% p.a. comparison rate
  • Investment Your Way IO Fixed 3 yrs - 2.79% p.a. (4.17% p.a. comparison rate)
  • Investment Your Way Plus P&I Fixed 3 yrs 60-80% LVR - 2.44% (3.25% p.a. comparison rate)
  • Investment Your Way Plus IO Fixed 3 yrs 60-80% LVR- 2.64% p.a. (3.28% p.a. comparison rate)

Hume Bank

Sydney-based Hume Bank made adjustments across its investment and residential fixed-rate products. 

  • myBlue P&I Fixed 3 yrs ≤60% LVR - up 5bps to 1.99% p.a. (2.07% p.a. comparison rate)
  • myBlue P&I Fixed 3 yrs 60-80% LVR - up 5bps to 2.14% p.a. (2.29% p.a. comparison rate)
  • myBlue P&I Fixed 1 yr 80-90% LVR - up 5bps to 1.94% p.a. (2.40% p.a. comparison rate)
  • myBlue IO Fixed 1 yr ≤60% LVR - down 5bps to 3.19% p.a. (2.18% p.a. comparison rate)
  • myBlue IO Fixed 1 yr 60-80% LVR - down 5bps 3.34% p.a. (2.43% p.a. comparison rate)
  • myBlue Investment P&I Fixed 1 yr ≤60% LVR - up 5bps to 2.19% p.a. (2.51% p.a. comparison rate)
  • myBlue Investment P&I Fixed 2 yrs ≤60% LVR - down 5bps to 2.29% p.a. (2.50% p.a. comparison rate)
  • myBlue Investment P&I Fixed 1 yr 60-80% LVR - up 5bps to 2.34% p.a. (2.66% p.a. comparison rate)
  • myBlue Investment P&I Fixed 2 yrs 60-80% LVR - down 5bps to 2.44% p.a. (2.65% p.a. comparison rate)

Bank of China

Bank of China increased its special offer fixed rates under two and three-year terms while reducing the special rate under its Discount Home Loan product for owner-occupiers and investors.

Here are the changes:

  • Discount Plus Home Loan P&I Special Offer - down 10bps to 2.38% p.a. (2.84% p.a. comparison rate)
  • Discount Plus Investment Home Loan P&I Special Offer - down 10bps to 2.78% p.a. (3.23% p.a. comparison rate)
  • Fixed Rate Home Loan P&I 2 yrs Special Offer - up 10bps to 1.98% p.a. comparison rate (3.17% p.a. comparison rate)
  • Fixed Rate Home Loan P&I 3 yrs Special Offer - up 10bps to 2.08% p.a. comparison rate (3.10% p.a. comparison rate)

MyState Bank

MyState Bank cut its special and basic rates for investors by 10bps. Below are the new rates:

  • Special Residential Investment Loan ≤60% LVR - 2.44% p.a. (2.50% p.a. comparison rate)
  • Special Residential Investment Loan 60-70% LVR - 2.49% p.a. (2.55% p.a. comparison rate)
  • Special Residential Investment Loan ≤80% LVR - 2.54% p.a. (2.60% p.a. comparison rate)
  • Investment Basic Variable Home Loan ≤60% LVR - 2.44% p.a. (2.49% p.a. comparison rate)
  • Investment Basic Variable Home Loan 60-70% LVR - 2.49% p.a. (2.54% p.a. comparison rate)
  • Investment Basic Variable Home Loan ≤80% LVR - 2.54% p.a. (2.59% p.a. comparison rate)

Bankwest

Bankwest also slashed a range of its investment rates under its Complete Variable Home Loan and Premium Select Home Loan products. Here are the changes:

  • Complete Variable Home Loan Investment 200-499k 70% - 2.64% p.a.
  • Complete Variable Home Loan Investment 750k+ 70% - 2.59% p.a.
  • Complete Variable Home Loan Investment 200-499k 80% - 2.74% p.a.
  • Complete Variable Home Loan Investment 750k+ 80% - 2.69% p.a.
  • Premium Select Home Loan Inv P&I 70% $20k+ - 2.74% p.a.
  • Premium Select Home Loan Inv P&I 80% 20-499k - 2.84% p.a.

Your Mortgage is currently reaching out to Bankwest to provide the comparison rates for the products above.

Photo by Kelly Sikkema on Unsplash.

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