They're not monkeying around: BankVic cuts home loan rates to 2.75%

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on December 13, 2019
They're not monkeying around: BankVic cuts home loan rates to 2.75%

Photo by Jared Rice on Unsplash

Despite the Reserve Bank deciding not to end the year with a bang by cutting rates, it hasn't stopped lenders from dropping theirs.

BankVic and Yellow Brick Road have gotten in the Christmas spirit by dropping their fixed and variable home loan rates by as much as 109 basis points.

Home loan interest rates have been on the downwards slide for large parts of the year thanks to the Reserve Bank, who have made not one, not two, but three cuts to the official cash rate. It's now sitting at a historically low 0.75%.

With a fourth interest rate cut likely on the way in February, it's unlikely these will be the last cuts to home loan interest rates we'll see so it may be worth holding out before fixing your loan.

The table below displays a selection of variable-rate home loans on offer, featuring a low-rate pick from each of the following three categories: the big four banks, the top 10 customer-owned banks, and the larger non-banks.

Lender

Variable
More details
UNLIMITED REDRAWS
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWS

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
  • Low rate home loan with added benefits, add offset for 0.10%
  • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
  • Get a 7.0 star NatHERS rating or higher for up to 1.59% discount on your variable rate home loan T&Cs apply

Green Home Loan (Principal and Interest)

  • Low rate home loan with added benefits, add offset for 0.10%
  • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
  • Get a 7.0 star NatHERS rating or higher for up to 1.59% discount on your variable rate home loan T&Cs apply

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 7, 2022. View disclaimer.

BankVic home loan rate cuts:

BankVic has cut its fixed home loan rates by up to 99 basis points across its fixed home loans for investors and owner occupiers.

For owner occupiers:

  • Premium Home two-year fixed 50k+ has been cut by 24 basis points to 2.75% p.a.(3.95% p.a. comparison rate*)
  • Premium Home three-year fixed 50k+ has been cut by 48 basis points to 2.75% p.a. (3.84% p.a. comparison rate*)
  • Premium Home five-year fixed 50k+ has been cut by 99 basis points to 2.95% p.a. (3.72% p.a. comparison rate*)
  • Two-year fixed has been cut by 24 basis points to 2.85% p.a. (3.97% p.a. comparison rate*)
  • Three-year fixed has been cut by 48 basis points to 2.85% p.a. (3.87% p.a. comparison rate*)
  • Four-year fixed has been cut by 109 basis points to 3.05% p.a. (3.83% p.a. comparison rate*)
  • Five-year fixed has been cut by 99 basis points to 3.05% p.a. (3.76% p.a. comparison rate*)

For investors:

  • Premium Home Investor fixed two-years 50k+ has been cut by 20 basis points to 3.29% p.a. (4.69% p.a. comparison rate*)
  • Premium Home Investor fixed three-years 50k+ has been cut by 28 basis points to 3.29% p.a. (4.43% p.a. comparison rate*)
  • Premium Home Investor fixed four-years 50k+ has been cut by 80 basis points to 3.49% p.a. (4.39% p.a. comparison rate*)
  • Premium Home Investor fixed five-years 50k+ has been cut by 70 basis points to 3.49% p.a. (4.29% p.a comparison rate*)

Yellow Brick Road home loan rate cuts:

Yellow Brick Road have made some smaller cuts to their fixed and variable home loan rates for owner occupiers, dropping by 6 basis points. 

  • Flexi Options 60% Special Offer has been cut by 6 basis points to 3.08% p.a. (3.12% p.a. comparison rate*)
  • Flexi Options 80% Special Offer has been cut by 6 basis points to 3.08% p.a. (3.12% p.a. comparison rate*)
  • Flexi Options 90% Special Offer has been cut by 6 basis points to 3.08% p.a. (3.12% p.a. comparison rate*)
  • Flexi Options Fixed P&I two-years special offer has been cut by 6 basis points to 3.08% p.a. (3.12% p.a. comparison rate*)
  • Flexi Options Fixed P&I three-years special offer has been cut by 6 basis points to 3.08% p.a. (3.12% p.a. comparison rate*)



Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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author-avatar
Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

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