The rate cuts keep rolling in: Bendigo Bank, Aussie & Greater Bank cut fixed and variable home loan rates

Emma Duffy By on August 16, 2019
 
home loan rate cuts

Photo by KAL VISUALS on Unsplash

Mortgage interest rates on home loans continue to fall, as Aussie, Greater Bank, and Bendigo & Adelaide Bank make fixed and variable home loan rate cuts.

As the country anticipates the possibility of another cash rate cut later in the year, home loan rate cuts keep rolling in.

Greater Bank, Aussie, Bendigo Bank and Adelaide Bank are the latest in a long line of lenders to make changes to their fixed and variable rate cuts.

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. 

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Purchase or Refi, P&I 80% Smart Home Loan 3.03% 3.05% $1,693 More details
Real Deal P&I Special Offer 90% 150k+ 3.15% 3.16% $1,718 More details
Base Variable Rate P&I Special Offer <80% 3.35% 3.39% $1,763 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Purchase or Refi, P&I 80% Smart Home Loan
3.03% 3.05% $1,693
More details
Real Deal P&I Special Offer 90% 150k+
3.15% 3.16% $1,718
More details
Base Variable Rate P&I Special Offer <80%
3.35% 3.39% $1,763
More details

*Data accurate as at 2 August 2019. See disclaimer. This table shows (at the time of writing) some of the sharpest rates on offer from the big 4, the top 10 customer-owned institutions (e.g. not-for-profits, credit unions etc.) and the larger non-banks (for their variable, P&I, owner-occupier, non-honeymoon home loans with a loan amount of $400,000).

Aussie rate cuts

Aussie home loans have announced rate cuts of up to 71 basis points across its range of fixed home loan products.

The home loan lender and mortgage broker cut its two and three-year fixed rates across its owner occupier loans.

  • Two-year fixed principal and interest Select Basic 80% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
  • Two-year fixed principal and interest Select Basic 95% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
  • Three-year fixed principal and interest Select Basic 80% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
  • Three-year fixed principal and interest Select Basic 95% LVR has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
  • Two-year fixed principal and interest Select Standard has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)
  • Three-year fixed principal and interest Select Standard has been cut by 71 basis points to 3.08% p.a. (3.47% p.a. comparison rate*)

Bendigo Bank rate cuts

One of Australia’s biggest banks outside of the big four, Bendigo Bank, reduced home loan interest rates on its owner occupier and investment home loan products.

Changes for owner occupiers:

  • Two-year basic fixed principal and interest has been reduced by 40 basis points to 3.19% p.a. (3.55% p.a. comparison rate*)
  • Three-year basic fixed principal and interest has been reduced by 50 basis points to 3.29% p.a. (3.55% p.a. comparison rate*)

Changes for investors:

  • Two-year basic fixed principal and interest has been cut by 30 basis points to 3.59% p.a. (3.98% p.a. comparison rate*)
  • Three-year basic fixed principal and interest has been cut by 30 basis points to 3.69% p.a. (3.99% p.a. comparison rate*)

Adelaide Bank rate cuts

Adelaide Bank, which is part of the Bendigo and Adelaide Bank brand group, jumped in on the rate-cutting action by cutting rates across its fixed and variable home loan products for owner occupiers and investors.

Changes for owner occupiers:

  • One-year fixed principal and interest SmartSaver has been cut by 25 basis points to 3.14% p.a. (3.95% p.a. comparison rate*)
  • Two-year fixed principal and interest SmartSaver has been cut by 25 basis points to 3.14% p.a. (3.88% p.a. comparison rate*)

Changes for investors:

  • One-year fixed principal and interest Investment SmartSaver has been cut by 45 basis points to 3.44% p.a. (3.89% p.a. comparison rate*)
  • Two-year fixed principal and interest Investment SmartSaver has been cut by 45 basis points to 3.44% p.a. (3.85% p.a. comparison rate*)

Greater Bank rate cuts

Greater Bank also hopped on the bandwagon, slashing rates on its range of fixed home loan products by 20 basis points, effective from today.

Some of the highlights include:

  • Four-year fixed Great Rate Discount on home loans over $150,000 have been cut by 20 basis points to 3.19% p.a. (3.77% p.a. comparison rate*)
  • Five-year fixed Great Rate Discount on home loans over $150,000 have been cut by 20 basis points to 3.19% p.a. (3.72% p.a. comparison rate*)
  • Four-year fixed Great Rate has been cut by 20 basis points to 3.19% p.a. (3.77% p.a. comparison rate*)
  • Five-year fixed Great Rate has been cut by 20 basis points to 3.19% p.a. (3.72% p.a. 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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in 2018. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure. The interest rate per annum is based on a loan credit of $150,000 and a loan term of 25 years.

Emma Duffy
Emma Duffy joined Savings.com.au as a Finance Journalist in 2019 after spending a year as the editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand.
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