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

author-avatar By 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
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details
LIMITED TIME 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%
LIMITED TIME 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%
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FixedMore details
NO UPFRONT OR ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years

NO UPFRONT OR ONGOING FEES

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 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. Rates correct as of September 26, 2021. 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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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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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