People's Choice is offering first home buyers a one-year-fixed home loan interest rate of 1.99% p.a. (3.91% p.a. comparison rate*).
The 'special offer' is available for a limited time as a home loan package for first home buyers submitting new applications from 21 August, and is "subject to change without notice".
The news comes after Bank First also broke the barrier on Wednesday.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 70% | Featured Online ExclusiveUp To $4K Cashback |
| |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply In Minutes |
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6.14% p.a. | 6.16% p.a. | $2,434 | Principal & Interest | Variable | $0 | $250 | 60% | Featured Unlimited Redraws |
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ME Bank yo-yos, Suncorp hikes
ME Bank is seemingly yo-yoing the rates of its fixed home loans with several cuts today.
In May, the same loans were hiked by up to 30 basis points, while on 26 March they were cut by more than 100 basis points as a special 'COVID-19 discount'.
The cuts were to its 'Flexible Fixed' home loans, for fixed periods between one and three years, for owner-occupiers paying principal and interest (P&I), with a maximum LVR of 80%.
The advertised rate for all three of these home loans stands at 2.34% p.a., representing cuts by between 20 and 40 basis points. The comparison rates are below:
- Fixed 1 Year: 4.15% p.a. comparison rate*
- Fixed 2 Years: 3.98% p.a. comparison rate*
- Fixed 3 Years: 3.82% p.a. comparison rate*
Corresponding 'Member Package' home loans were also cut, which feature up to a 15 basis point discount off the non-package advertised rate.
ME Bank's general manager of home lending Andrew Bartolo said customers are looking at fixed rates for certainty.
“This offer will help first home buyers achieve their dream of home ownership faster by only requiring a 10% deposit (with LMI), put more money back in their pockets through a lower rate, and give them peace of mind with certainty on exactly what their repayments will be a year or more in advance," he said.
Meanwhile, on Tuesday, Suncorp raised a few of its home loan interest rates by 20 basis points, including:
- Home Package Plus Investment Fixed 2 Years: Now 2.99% p.a. (3.68% p.a. comparison rate*)
- Home Package Plus Investment Fixed 3 Years: Now 2.99% p.a. (3.66% p.a. comparison rate*)
These home loans are for investors paying P&I, with an LVR between 80% and 90%.
See Also: The $35,000 cost of breaking a fixed home loan
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