Suncorp, Adelaide and Qudos Bank reduce fixed rates

Photo by Holger Link on Unsplash

More banks are dropping their fixed home loan rates, enticing borrowers to lock in their rate.

With at least one more cash rate cut expected in the coming months, it’s likely these won’t be the last cuts to fixed rates we’ll see.

Many economists are tipping the Reserve Bank to take the cash rate to a further record low of 0.5% at its first meeting of 2020 in February.

Non-majors Suncorp and Adelaide Bank, and customer-owned Qudos have all dropped their fixed home loan rates, with many below 3%.

Earlier this week, popular online lender loans.com.au slashed its fixed interest rates by 20 basis points across the board, bringing some of its fixed rates below 3% for the first time.

Below are some of the lowest variable home loan rates on offer across the big four banks, customer-owned banks and 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

Suncorp fixed rate cuts

Suncorp has cut fixed rates by up to 40 basis points, effective from 8 November.

The cuts apply to fixed home loan products on both principal and interest (P&I) and interest-only (IO) repayments for new owner-occupier and investors.

Suncorp Home Package Plus with Special Offer for owner-occupiers making P&I repayments:

• Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points 2.89% p.a. (3.75% p.a. comparison rate*)
• Three-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points 2.89% p.a. (3.70% p.a. comparison rate*)
• Five-year fixed rate for first home buyers with an LVR of up to 95% has been cut by 40 basis points 2.99% p.a. (3.27% p.a. comparison rate*)

Suncorp Home Package Plus with Special Offer for investors making P&I repayments:

• Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.19% p.a. (4.04% p.a. comparison rate*)
• Three-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.19% p.a. (3.99% p.a. comparison rate*)

Suncorp Home Package Plus with Special Offer for investors making IO repayments:

• Two-year fixed rate for loans with an LVR of up to 90% has been cut by 20 basis points to 3.39% p.a. (4.06% p.a. comparison rate*)
• Three-year fixed-rate loans with an LVR of up to 90% has been cut by 20 basis points to 3.39% p.a. (4.02% p.a. comparison rate*)
• Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.49% p.a. (5.05%

Adelaide Bank fixed rate cuts

Adelaide Bank has lowered its fixed rates by up to 10 basis points, effective from 6 November for new customers.

Adelaide Bank SmartFix:

• Two-year fixed for owner-occupiers making P&I repayments has been cut by 10 basis points to 2.89% p.a. (3.26% p.a. comparison rate*)
• Three-year fixed for owner-occupiers making P&I repayments has been cut by 8 basis points to 2.91% p.a. (3.25% p.a. comparison rate*)

Adelaide Bank SmartSaver:

• Two-year fixed for owner-occupiers making P&I repayments has been cut by 10 basis points to 2.89% p.a. (3.07% p.a. comparison rate*)
• Three-year fixed for owner-occupiers making P&I repayments has been cut by 8 basis points to 2.91% p.a. (3.06% p.a. comparison rate*)

Qudos Bank fixed rate cuts

Customer-owned Qudos has also reduced its fixed rates for new owner-occupiers making P&I repayments by 10 basis points, effective from 4 November.

Qudos fixed rate cuts for owner-occupiers with 80% LVR:

• One-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.30% p.a. comparison rate*)
• Two-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.26% p.a. comparison rate*)
• Three-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.23% p.a. comparison rate*)
• Four-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 3.09% p.a. (3.26% p.a. comparison rate*)
• Five-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 3.09% p.a. (3.24% p.a. comparison rate*)

Qudos fixed rate cuts for owner-occupiers with 90% LVR:

• One-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.31% p.a. comparison rate*)
• Two-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.28% p.a. comparison rate*)
• Three-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.25% p.a. comparison rate*)
• Four-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 3.19% p.a. (3.29% p.a. comparison rate*)
• Five-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 3.19% p.a. (3.28% 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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