With interest rates on home loans now as low as 2.69% (at the time of writing), the pressure is on lenders to drop their rates.

Australian Unity, My State Bank and QBANK have done just that, cutting rates on a number of their home loan products.

One lender has dropped their rates by as much as 80 basis points.

Australian Unity rate cuts

The Australian mutual company has reduced some of its rates by up to 10 basis points, effective from 13 November for new customers on fixed-rate loans.

  • One-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 2.94% p.a. (3.54% p.a. comparison rate*)
  • Three-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 2.94% p.a. (3.51% p.a. comparison rate*)
  • Five-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 10 basis points to 3.09% p.a. (3.54% p.a. comparison rate*)
  • One-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 3.09% p.a. (3.32% p.a. comparison rate*)
  • Three-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 3.09% p.a. (3.28% p.a. comparison rate*)
  • Five-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 10 basis points to 3.24% p.a. (3.31% p.a. comparison rate*)

MyState Bank rate cuts

The Tasmanian-based lender has made some pretty chunky cuts, reducing rates by up to 80 basis points.

The rate cuts apply to fixed-rate loans for investors and owner-occupiers, effective from 13 November.

Rate cuts for owner-occupiers:

  • One-year Residential fixed for borrowers with an LVR of 80% has been cut by 40 basis points to 3.39% p.a. (4.71% p.a comparison rate*)
  • Two-year Residential fixed for borrowers with an LVR of 80% has been cut by 40 basis points to 3.19% p.a. (4.53% p.a comparison rate*)
  • Three-year Residential fixed for borrowers with an LVR of 80% has been cut by 50 basis points to 3.19% p.a. (4.42% p.a comparison rate*)

Rate cuts for investors:

  • Two-year Investment fixed for borrowers with an LVR of 80% has been cut by 30 basis points to 3.49% p.a. (4.59% p.a. comparison rate*)
  • Three-year Investment fixed for borrowers with an LVR of 80% has been cut by 50 basis points to 3.39% p.a. (4.47% p.a. comparison rate*)
  • Three-year Investment fixed for borrowers with an LVR of 90% has been cut by 70 basis points to 3.59% p.a. (4.53% p.a. comparison rate*)
  • Three-year Investment fixed for borrowers with interest-only (IO) repayments has been cut by 80 basis points to 3.49% p.a. (4.51% p.a. comparison rate*)

QBANK rate cuts

The member-owned bank for emergency service workers has cut variable rates effective from 15 November.

  • Classic Offer for borrowers with an LVR of 90% has been cut by 15 basis points to 3.04% p.a. (3.07% p.a. comparison rate*)
  • Classic Offer for borrowers with an LVR of 95% has been cut by 15 basis points to 3.30% p.a. (3.33% p.a. comparison rate*)
  • First Home Buyers Classic Offer for borrowers with an LVR of 95% has been cut by 15 basis points to 3.30% p.a. (3.33% p.a. comparison rate*)


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