UBank, NAB, Suncorp and Greater Bank cut fixed home loan rates

Emma Duffy By on July 19, 2019
 

Photo by Brooke Cagle on Unsplash

The home loan market continues to heat up as more lenders cut their fixed mortgage rates.

Lenders such as UBank, NAB, Greater Bank, and Suncorp have cut a number of their fixed home loan rates again – with some as low as 2.79% p.a.

Greater Bank fixed rate changes

Forget 2.99%, Greater Bank is going above and beyond by offering fixed home loan rates as low as 2.79% (4.38% comp rate*).

On the Great Rate Home Loan (Fixed), Greater Bank is now offering a 2.79% (4.17% comp rate*) for a one-year fixed-term, effective from 15 July.

It’s not the only fixed year term now under 3.00% on the Great Rate Home Loan (Fixed).

The bank has also dropped rates on the two-year fixed-term bringing it down to 2.99% (4.17% comp rate*), and three-year fixed-term slashing it down to 2.99% (3.97% comp rate*).

Greater Bank has also cut fixed interest rates on the Ultimate Home Loan (Fixed), reducing the one-year fixed term to 2.79% (4.38% comp rate*).

UBank fixed rate changes

Online lender UBank has made a host of changes, which are already in effect, cutting rates by up to 50 basis points.

UBank has slashed fixed rates on its popular UHomeLoan.

The rate changes to UBank’s UHomeLoan for investors, effective from 17 July, are as follows:

  • One-year principal and interest fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (4.32% comp rate*).
  • Three-year principal and interest fixed rates have been reduced by 50 basis points from to 3.64% 3.14% (4.03% comp rate*).
  • Five-year principal and interest fixed rates have been reduced by 25 basis points from 3.74% to 3.49% (4.00% comp rate*)
  • One-year interest-only fixed rates have been reduced by 50 basis points from 3.79% to 3.29% (4.33% comp rate*)
  • Three-year interest-only fixed rates have been reduced by 50 basis points from 3.79% to 3.29% (4.07% comp rate*).
  • Five-year interest-only fixed rates have been reduced by 25 basis points from 3.89% to 3.64% (4.06% comp rate*).

The rate changes to UBank’s UHomeLoan for owner-occupiers, effective from 17 July, are as follows:

  • Three-year principal and interest fixed rates have been reduced by 25 basis points from 3.24% to 2.99% (3.63% comp rate*).
  • Five-year principal and interest fixed rates have been reduced by 25 basis points from 3.44% to 3.19% (3.59% comp rate*).
  • One-year interest-only fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (4.06% comp rate*).
  • Three-year interest-only fixed rates have been reduced by 25 basis points from 3.39% to 3.14% (3.67% comp rate*).
  • Five-year interest-only fixed rates have been reduced by 25 basis points from 3.59% to 3.34% (3.65% comp rate*).

NAB fixed rate changes

First home buyers with NAB could get a rate of 3.09% (4.49% comp rate*) on the banks’ Choice Package First Home Buyer Special – a 40 basis point reduction (effective 12 July).

The big four bank has also cut rates on its Choice Package Tailored by up to 50 basis points for borrowers on principal and interest loans, effective from 12 July:

  • Two-year principal and interest fixed rates have been cut by 40 basis points from 3.59% to 3.19% (4.51% comp rate*).
  • Three-year principal and interest fixed rates have been cut by 50 basis points from 3.79% to 3.29% (4.45% comp rate*).

Suncorp fixed rate changes

Suncorp has joined the rate-cutting party, reducing fixed rates across its Home Package Plus Home Loan for owner-occupiers and investors.

The bank has cut rates by up to 20 basis points for borrowers with principal and interest terms.

The changes to the Home Package Plus Home Loan for investors, effective from 19 July, are as follows:

  • Two-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.21% comp rate*).
  • Three-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.18% comp rate*).

The changes to the Home Package Plus Home Loan for owner-occupiers, effective from 19 July, are as follows:

  • One-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.55% comp rate*).
  • Two-year principal and interest fixed rates have been reduced by 20 basis points from 3.69% to 3.49% (4.48% comp rate)

*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.

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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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