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.
Lender | |||||||||||||
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Variable | More details | ||||||||||||
FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Variable | More details | ||||||||||||
FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Variable | More details | ||||||||||||
FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Variable | More details | ||||||||||||
FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Variable | More details | ||||||||||||
NO APPLICATION FEES | Yard Home Loan (Principal and Interest) (LVR < 80%)
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Yard Home Loan (Principal and Interest) (LVR < 80%)
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Variable | More details | ||||||||||||
NO UPFRONT OR ONGOING FEES | Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)
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Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)
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Variable | More details | ||||||||||||
NO UPFRONT OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)
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Variable | More details | ||||||||||||
UNLIMITED EXTRA REPAYMENTS | |||||||||||||
Basic Home Loan (Principal and Interest) (LVR < 60%) | |||||||||||||
Variable | More details | ||||||||||||
EASY DIGITAL APPLICATION | |||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%) | |||||||||||||
Variable | More details | ||||||||||||
$0 APPLICATION FEE | |||||||||||||
Budget Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
Variable | More details | ||||||||||||
100% FULL OFFSET ACCOUNT | |||||||||||||
Offset Package Home Loan (Principal and Interest) (LVR < 60%) | |||||||||||||
Variable | More details | ||||||||||||
FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 1yr
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Smart Booster Home Loan Discounted Variable - 1yr
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- 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%
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 29, 2022. View disclaimer.
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*)
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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