Teachers Mutual, RACQ, Greater Bank & others trim fixed rates below 3%

Image by bobex73 via Adobe Stock

The only way is down for mortgage rates, as home loan interest rates starting with a two become the new norm.

Interest rates have never been so low and the question on many borrower’s lips is “should I fix my rate”?

Some of Australia’s biggest banks plus a few smaller lenders are now offering some of the lowest mortgage rates in history off the back of the most recent 0.25% cash rate cut from the Reserve Bank of Australia (RBA) in July.

But with more cash rate cuts likely to come, home loan interest rates should only continue to fall further.

At the time of writing, Greater Bank currently offers one of the lowest fixed home loan interest rates at 2.79%. RACQ Bank isn’t far behind though, recently cutting rates to 2.80% on its fixed owner-occupier home loans.

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.

Advertisement

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

RACQ Bank mortgage rate cuts

Queensland’s RACQ Bank this week cut fixed home loan rates by up to 39 basis points across its fixed owner-occupier home loans.

• Choices Package two-year fixed home loans up to $20k have been reduced by 39 basis points to 2.90% p.a (comparison rate 4.40% p.a.)
• Choices Package three-year fixed home loans up to $20k have been reduced by 19 basis points to 2.80% p.a (comparison rate 4.27% p.a.)
• Three-year fixed has been reduced by 19 basis points to 2.90% p.a. (comparison rate 4.23% p.a.)

People’s Choice Credit Union mortgage rate cuts

People’s Choice Credit Union cut rates on their fixed products for owner-occupiers this week by up to 95 basis points.

• One-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 95 basis points to 2.99% p.a. (comparison rate 4.34% p.a.)
• Two-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 19 basis points to 2.99% p.a. (comparison rate 4.25% p.a.)

Teachers Mutual Bank mortgage rate cuts

Customers of Teachers Mutual Bank can now enjoy fixed home loan rates of 2.98% p.a. (comparison rates differ, see below) with the bank this week slashing rates by 50 basis points.

The changes apply to owner-occupiers paying principal and interest, effective from 29 August 2019.

• One-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.62% p.a.)
• Two-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.47% p.a.)

Greater Bank mortgage rate cuts

Greater Bank has been busy cutting rates across a number of their fixed rate products by 20 basis points to 2.99% p.a. (comparison rates differ).

The changes are effective from 30 August 2019.

• Great Rate Discount four-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
• Great Rate Discount five-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)
• Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
• Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)

---

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.

Latest Articles

• Struggling with a loan repayment? New credit reporting changes will protect Aussies in financial hardship June 28, 2022
• 6 home renovation projects that may increase your re-sale value June 28, 2022
• Westpac increases under-30s savings account rate to 2.50% p.a. June 28, 2022
• Which lenders still offer cashback on mortgages? June 28, 2022
• Should I press savings, credit or cheque on a EFTPOS machine? June 28, 2022