Home News Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate

Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate

While the Dragons are out of NRL finals contention, Illawarra Credit Union gave something to smile about with a new sub-2% home loan.

By Harrison Astbury

First published on 25 Sep 2020

Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate

Photo by Caleb Semeri on Unsplash

The 1.99% p.a. advertised rate (2.93% p.a comparison rate*) is for the 'The Works' packaged home loan for owner-occupiers paying principal & interest (P&I).

Borrowers get a choice of either a two-year variable introductory rate or a two-year fixed rate - the advertised and comparison rates are the same.

After the two-year intro rate ends, the home loan reverts to a rate of 2.50% p.a. (3.01% p.a. comparison rate*).

Borrowers must also pay their home loan repayments through the linked transaction account.

While both look the same on the surface, the differences between variable rates and fixed rates are explained further here.

Illawarra Credit Union is now the 11th lender in Savings.com.au's market research to introduce a sub-2% home loan.

The new rate, introduced late Thursday, comes after experts forecasted another Reserve Bank cash rate cut in October.

More to come...

Tic:Toc also reduces

Yesterday, Tic:Toc also reduced the interest rate of its 'Live-In' fixed home loan by 18 basis points, down to 2.09% p.a. (2.35% p.a. comparison rate*)

It's fixed for two years, for owner-occupiers paying P&I, with LVRs up to 90%.

Tic:Toc spokesperson Laura Osti also said it's available with a 100% offset account.

"Combine that with our 100% online process with faster turn-arounds, and our team of Australian-based experts itching to help outside of business hours, and we think this is one of the best deals in the market," she said.

"It’s not surprising there has been an increasing demand for fixed home loans – there is some very sharp fixed rate pricing at the moment, and with Covid, it makes sense Australians would want some certainty in payments during an uncertain time in our lives."

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Harrison Astbury

Harrison is Savings.com.au's Assistant Editor, and also Editor & Research Analyst of sister comparison site InfoChoice.com.au. He is also the co-host of the Savings Tip Jar podcast alongside Dominic Beattie. Prior to joining the group in 2020, Harrison has since 2015 been lending his expertise to other publications in mining, financial comparison, and traditional newspaper media.

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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).

Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate

Tic:Toc also reduces

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Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate

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