In the latest home loan news, Bank of Us matched a home loan interest rate which could be Australia's lowest ever.
On Thursday Tasmania-based Bank of Us cut its 'FlexiDiscount' one-year fixed-rate home loan by 20 basis points.
For owner occupier borrowers with 80% LVR, the advertised rate is now 1.59% p.a. (2.43% p.a. comparison rate*).
This is a limited time offer for Tasmanian residents only, open to new lending through 10 December.
This matches Greater Bank's lowest advertised rate announced just over a week ago.
However, Greater Bank's home loan rate is fixed for two years, and features a slightly lower comparison rate.
Bank of Us also reduced its variable FlexiDiscount offer for owner occupiers by 10 basis points down to 2.09% p.a. (2.11% p.a. comparison rate*).
Some other customer-owned banks adjusted home loan rates in the past week.
On Friday, Teachers Mutual and its subsidiary Firefighters Mutual increased interest rates on a number of home loans, including:
- Your Way P&I Fixed 4 Years: Up 20 basis points to 2.49% p.a. (3.73% p.a. comparison rate*)
- Your Way P&I Fixed 5 Years: Up 20 basis points to 2.94% p.a. (3.79% p.a. comparison rate*)
Similar hikes were also applied to its investment product lines.
Earlier, Great Southern Bank made a variety of cuts, most notably:
- Basic Variable P&I 80%: 10 basis point cut to 2.39% p.a. (2.44% p.a. comparison rate*)
- Investment Fixed P&I 1 Year: 30 basis point cut to 2.39% p.a. (4.07% p.a. comparison rate*)
It also increased interest rates by 5 basis points on its owner occupied home loans fixed for two and three years.
Qudos Bank reduced rates on three home loans for owner occupiers:
- No Frills P&I 80%: 5 basis point cut to 2.39% p.a. (2.39% p.a. comparison rate*)
- Fixed P&I 80% 1 Year: 10 basis point cut to 1.89% p.a. (2.71% p.a. comparison rate*)
- Fixed P&I 80% 2 Years: 10 basis point cut to 1.89% p.a. (2.64% p.a. comparison rate*)
Hume Bank also moved rates on a wide range of home loans by 5 basis points, most notably:
- myBlue P&I Fixed 1 Year 90%: Up to 1.94% p.a. (2.40% p.a. comparison rate*)
- myBlue Investment P&I Fixed 2 Years 60%: Down to 2.29% p.a. (2.50% p.a. comparison rate*)
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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| Variable | More details | ||||||||||||
| REFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
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| Variable | More details | ||||||||||||
| NO ONGOING FEESFREE REDRAW FACILITY | Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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- 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%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 3, 2022. View disclaimer.
Photo by Zachary Ferguson on Unsplash
