Home News BOQ, Bank of us and Hume Bank slice fixed rates

BOQ, Bank of us and Hume Bank slice fixed rates

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.

By Alex Brewster

First published on 29 Nov 2019

BOQ, Bank of us and Hume Bank slice fixed rates

Photo by Igor Miske on Unsplash

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.

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*)

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy

Alex Brewster

Alex joined Savings.com.au as a finance journalist in 2019. He enjoys covering in-depth economical releases and breaking down how they might affect the everyday punter. He is passionate about providing Australians with the information and tools needed to make them financially stable for their futures.

Articles

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, InfoChoice.com.au, YourMortgage.com.au and YourInvestmentPropertyMag.com.au are part of the InfoChoice Group. In the interests of full disclosure, the InfoChoice Group are associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*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.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

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.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).