Sub-3% mortgage rates are becoming the new normal for many lenders in Australia as economists project further rate cuts in the coming months. Joining the rate-cut hype are four lenders: RACQ Bank, People's Choice Credit Union, Teachers Mutual Bank, and Greater Bank.
Queensland-based RACQ Bank repriced its owner-occupier fixed-rate home loans by up to 39 basis points (bps). This brings RACQ Bank's lowest rate to 2.80%.
The People's Choice Credit Union announced an even larger reduction. The lender slashed its fixed products by up to 95 bps, bringing its lowest mortgage rate to 2.99%.
After lowering its fixed rates early August, Greater Bank brought its mortgage rates further down by as much as 20bps.
Teachers Mutual Bank also joined the rate-cut party, slashing its fixed rates by up to 50bps.
The tables below summarizes the changes to the fixed-rates of the lenders mentioned above:
Greater Bank |
||
|
Product |
New Rate |
Comparison Rate |
|
Great Rate Discount four-year fixed (loan size of over $150,000) |
2.99% |
3.79% |
|
Great Rate Discount five-year fixed (loan size of over $150,000) |
2.99% |
3.64% |
|
Great Rate four-year fixed |
2.99% |
3.71% |
|
Great Rate five-year fixed |
2.99% |
3.64% |
Teachers Mutual Bank |
||
|
Product |
New Rate |
Comparison Rate |
|
One-year fixed rate |
2.98% |
4.62% |
|
Two-year fixed rate |
2.98% |
4.47% |
RACQ Bank |
||
|
Product |
New Rate |
Comparison Rate |
|
Choices Package two-year fixed home loans (up to $20,000) |
2.90% |
4.40% |
|
Choices Package three-year fixed home loans (up to $20,000) |
2.80% |
4.27% |
|
Three-year fixed rate |
2.90% |
4.23% |
People’s Choice Credit Union |
||
|
Product |
New Rate |
Comparison Rate |
|
One-year fixed (P&I) rate for loans over $100,000 |
2.99% |
4.34% |
|
Two-year fixed (P&I) rate for loans over $100,000 |
2.99% |
4.25% |
Collections: Mortgage News
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