Bendigo Bank, Adelaide Bank, Newcastle Permanent among latest lenders to announce cuts

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on September 20, 2019
Bendigo Bank, Adelaide Bank, Newcastle Permanent among latest lenders to announce cuts

Photo by Patrick Ryan on Unsplas

Bendigo Bank, Newcastle Permanent and Adelaide Bank are now offering interest rates as low as 2.99%.

It’s been over two months since the Reserve Bank lowered the official cash rate to a historically low 1.00% but the rate cuts keep coming.

If you’ve been holding out for the right home loan, here are some of the latest cuts to interest rates for owner-occupiers.

Looking for a low variable rate home loan? The table below displays owner-occupier products which may represent the best of the big four banks, best of the top 10 customer-owned banks and the best of the larger non-banks.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • 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 REDRAWSSPECIAL OFFER

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
ZERO APPLICATION FEESFEE FREE OFFSET
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
  • The shorter your loan, the less interest you pay in the long run.
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
  • The shorter your loan, the less interest you pay in the long run.
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
NO APPLICATION FEES
  • 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
NO APPLICATION FEES

Yard Home Loan (Principal and Interest) (LVR < 80%)

  • 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
NO UPFRONT OR ONGOING FEES
  • 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
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

  • 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
NO UPFRONT OR ONGOING FEES
  • 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
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

  • 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
UNLIMITED EXTRA REPAYMENTS
UNLIMITED EXTRA REPAYMENTS

Basic Home Loan (Principal and Interest) (LVR < 60%)

    Variable
    More details
    EASY DIGITAL APPLICATION
    EASY DIGITAL APPLICATION

    Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%)

      Variable
      More details
      $0 APPLICATION FEE
      $0 APPLICATION FEE

      Budget Home Loan (Principal and Interest) (LVR < 80%)

        Variable
        More details
        100% FULL OFFSET ACCOUNT
        100% FULL OFFSET ACCOUNT

        Offset Package Home Loan (Principal and Interest) (LVR < 60%)

          Variable
          More details
          LIMITED TIME OFFER
          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services
          LIMITED TIME OFFER

          Smart Booster Home Loan Discounted Variable - 1yr

          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services

          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 June 27, 2022. View disclaimer.

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          Bendigo Bank rate cuts

          Bendigo Bank announced it will be reducing rates by up to 20 basis points on fixed-rate loans for owner-occupiers and investors.

          Rate cuts for owner-occupiers:

          • Two-year basic fixed rates for borrowers paying principal and interest (P&I) have been cut to 2.99 p.a. (3.51% p.a. comparison rate*)
          • Three-year basic fixed rates for borrowers paying principal and interest (P&I) have been cut to 3.19 p.a. (3.53% p.a. comparison rate*)

          Rate cuts for investors:

          • Two-year basic fixed for borrowers making P&I repayments have been reduced to 3.39% p.a. (3.95% p.a comparison rate*)
          • Three-year basic fixed for borrowers making P&I repayments have been reduced to 3.59% p.a. (3.96% p.a comparison rate*)

          Newcastle Permanent rate cuts

          Premium Plus Package customers can enjoy low rates of 2.99% p.a. (comparison rates differ, see below).

          • Two-year fixed rates for borrowers making interest-only (IO) repayments for a loan size of over $5k have been cut to 2.99% p.a. (4.14% p.a. comparison rate*)
          • Three-year fixed rates for borrowers making interest-only (IO) repayments for a loan size of over $5k have been cut to 2.99% p.a. (4.06% p.a. comparison rate*)
          • Two-year fixed rates for borrowers making P&I repayments for a loan size of over $5k have been cut to 2.99% p.a. (4.16% p.a. comparison rate*)
          • Three-year fixed rates for borrowers making P&I repayments for a loan size of over $5k have been cut to 2.99% p.a. (4.08% p.a. comparison rate*)

          Adelaide Bank rate cuts

          Adelaide Bank has cut rates by up to 60 basis points on fixed home loans for its SmartSaver and SmartFix products.

          SmartSaver cuts:

          • One-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.30% p.a. comparison rate*)
          • Two-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.28% p.a. comparison rate*)
          • Three-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.44% p.a. comparison rate*)
          • Four-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.42% p.a. comparison rate*)
          • Five-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.40% p.a. comparison rate*)

          SmartFix cuts:

          • One-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.49% p.a. comparison rate*)
          • Two-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.46% p.a. comparison rate*)
          • Three-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.44% p.a. comparison rate*)
          • Four-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.42% p.a. comparison rate*)
          • Five-year fixed home loans for borrowers making P&I repayments have been reduced to 2.99% p.a. (3.40% 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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