BOQ, Bank of us and Hume Bank slice fixed rates

Photo by Igor Miske on Unsplash

It’s Black Friday folks and the kind people at Hume Bank, Bank of us and Bank of Queensland (BOQ) have got in the spirit this week by slashing fixed-rate home loans.

These cuts could be some of the last seen this year, with the Reserve Bank (RBA) cutting the cash rate three times already this year and the majority of economists predicting it will remain unchanged for December.

It’s widely predicted the central bank will cut to a historic 0.50% in February, but for now, Hume Bank, BOQ and Bank of us have got in early, or late, depending on which way you look at it.

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.

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

Product Features

• 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%

Monthly repayments:$1,601

2.60%Advertised Rate (p.a.)

2.96%Comparison Rate*

More details

BOQ rate cuts

Bank of Queensland has made changes to fixed rates of up to 25 basis points on its fixed-rate home loans, effective from 27 November:

• Two-year fixed principal and interest (P&I) Home Loan Privileges Investment discount rate has been cut by 20 basis points to 3.24% p.a (4.30% p.a comparison rate*)
• Three-year fixed P&I Home Loan Privileges Investment discount rate has been cut by 25 basis points to 3.24% p.a (4.24% p.a comparison rate*)
• Two-year fixed P&I Investment discount rate has been cut by 20 basis points to 3.24% p.a (4.04% p.a comparison rate*)
• Three-year fixed P&I Investment discount rate has been cut by 25 basis points to 3.24% p.a (3.97% p.a comparison rate*)
• Three-year fixed interest-only (IO) Home Loan Privileges Investment discount rate has been cut by 25 basis points to 3.34% p.a (4.26% p.a comparison rate*)
• Three-year fixed IO Investment discount rate has been cut by 25 basis points to 3.34% p.a (4.26% p.a comparison rate*)

Hume Bank rate cuts

Albury and Wodonga-based bank Hume Bank have made reductions of up to 19 basis points on its fixed-rate products, effective from 26 November:

• Two-year fixed P&I Residential rate has been cut by 7 basis points to 3.12 p.a (4.37% p.a comparison rate*)
• Three-year fixed P&I Residential rate has been cut by 14 basis points to 3.12 p.a (4.25% p.a comparison rate*)
• Two-year fixed P&I investment rate has been cut by 14 points to 3.45% p.a (4.91% p.a comparison rate*)
• Three-year fixed P&I investment rate has been cut by 19 points to 3.45% p.a (4.77% p.a comparison rate*)

Bank of us rate cuts

Tasmanian-based Bank of us has cut its fixed-rate home loans by up to 61 basis points, effective from 26 November:

• One-year fixed FlexiDiscount rate with an LVR of 80% has been cut by 51 basis points to 3.38% p.a (3.40% p.a comparison rate*)
• One-year fixed FlexiDiscount rate with an LVR of 90% has been cut by 61 basis points to 3.38% p.a (3.69% p.a comparison rate*)
• Two-year fixed FlexiDiscount rate with an LVR of 80% has been cut by 31 basis points to 3.38% p.a (3.40% p.a comparison rate*)
• Two-year fixed FlexiDiscount rate with an LVR of 90% has been cut by 41 basis points to 3.38% p.a (3.67% p.a comparison rate*)

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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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