Three lenders cut rates on home loans despite RBA cash rate hold

Three main lenders cut rates on their home loans in the last week, including AMP, Bank of Queensland and Greater Bank, with one cutting by as much as 20 basis points. 

The news comes after the Reserve Bank decided to hold the cash rate at 0.75% on Tuesday, following positive employment data and steady inflation.

AMP

AMP cut rates on one of its home loan products.

• Professional Package Variable P&I 750k+: 4 basis point cut to 3.05% p.a. (3.45% p.a. comparison rate*)

Bank of Queensland

BOQ cut rates across a few different fixed residential home loans.

Package home loans

• Home Loan Privileges Residential Fixed 3yrs Discount 150k+: 20 basis point cut to 2.99% p.a. (3.99% p.a. comparison rate*)
• Home Loan Privileges Residential Fixed 3yrs Discount 300k+: 20 basis point cut to 2.79% p.a. (3.94% p.a. comparison rate*)
• Home Loan Privileges Residential Fixed 2yrs Discount 150k+: 10 basis point cut to 2.99% p.a. (4.05% p.a. comparison rate*)
• Home Loan Privileges Residential Fixed 2yrs Discount 300k+: 10 basis point cut to 2.79% p.a. (4.01% p.a. comparison rate*)

Non-package home loans

• Residential Fixed 3yrs Discount 150k+: 20 basis point cut to 2.99% p.a. (3.72% p.a. comparison rate*)
• Residential Fixed 3yrs Discount 300k+: 20 basis point cut to 2.79% p.a. (3.67% p.a. comparison rate*)
• Residential Fixed 2yrs Discount 150k+: 10 basis point cut to 2.99% p.a. (3.78% p.a. comparison rate*)
• Residential Fixed 2yrs Discount 300k+: 10 basis point cut to 2.79% p.a. (3.75% p.a. comparison rate*)
• Intro Rate Variable P&I 2yr Fixed: 10 basis point cut to 3.19% p.a. (3.80% p.a. comparison rate*)

Keep in mind that 'Discount' rate offers can be withdrawn at anytime - in BOQ's case, discounts are anywhere from 0.75% to 1.30% p.a.

Introductory rates usually feature a lower rate for X number of years then revert to a higher rate - in BOQ's case its Intro base rate is 3.19% p.a. for two years, then reverts to a base rate of 3.76% p.a, for an overall comparison rate of 3.80% p.a.

Greater Bank

Greater Bank made a variety of cuts to its fixed home loans, for both owner occupiers and investors.

Owner Occupier

• Great Rate Fixed 2yrs: 8 basis point cut to 2.89% p.a. (3.74% p.a. comparison rate*)
• Great Rate Fixed 3yrs: 8 basis point cut to 2.89% p.a. (3.66% p.a. comparison rate*)
• Ultimate Fixed 2yrs 150k+: 8 basis point cut to 2.89% p.a. (3.98% p.a. comparison rate*)
• Ultimate Fixed 3yrs 150k+: 8 basis point cut to 2.89% p.a. (3.91% p.a. comparison rate*)

Investment

• Great Rate Fixed 2yrs: 13 basis point cut to 3.14% p.a. (4.09% p.a. comparison rate*)
• Great Rate Fixed 3yrs: 13 basis point cut to 3.14% p.a. (4.00% p.a. comparison rate*)
• Ultimate Fixed 2yrs: 13 basis point cut to 3.14% p.a. (4.32% p.a. comparison rate*)
• Ultimate Fixed 3yrs: 13 basis point cut to 3.14% p.a. (4.25% p.a. comparison rate*)

Looking to compare low-rate, variable owner-occupier home loans? Below are a handful of low-rate loans in the market.

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Bare Home Loan (Basic OO P&I <90%)	5.94% p.a.	5.98% p.a.	$2,978	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	Go to site	Compare	Promoted	Disclosure
Regional Australia Bank	Regional Australia Bank Home Loan Fixed (Owner Occupier, Principal and Interest, max lvr 60%) (3 years)	5.99% p.a.	6.02% p.a.	$2,995	Principal & Interest	Fixed			$0	$0	60%				Owner Occupier Fixed 3 Years Principal & Interest 40% Min Deposit Redraw More details	Competitive rates to help you save A Dedicated Relationship Manager Certainty of repayments with a fixed rate term	Go to site	Compare	Promoted	Disclosure
Homestar	Homestar Star Nova LVR <70% (Owner Occupied, Principal and Interest)	5.93% p.a.	5.93% p.a.	$2,975	Principal & Interest	Variable			$0	$395	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw More details		Go to site	Compare		Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure

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