It was a fairly quiet week for home loan rate cuts, with Macquarie Bank and Northern Inland Credit Union being the only lenders to make any.

Over the last few weeks, the bulk of rate cuts have been made to fixed loan products, with advertised rates hovering ever closer to the 1% p.a mark. 

Across the board, many fixed home loans now have similar rates to their variable loan counterparts, as seen in the table below.

Macquarie Bank

Macquarie Bank made a wide variety of cuts across both owner occupier and investment loans. Key cuts are below:

  • Basic Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.64% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.91% p.a. comparison rate*)
  • Basic Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Offset Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Basic Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (2.74% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (3.01% p.a. comparison rate*)

And for investors...

  • Basic Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (2.89% p.a. comparison rate*)
  • Offset Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (3.16% p.a. comparison rate*)

Northern Inland Credit Union

This small credit union has made some pretty big rate cuts, reducing rates by up to 85 basis points across their owner occupier and investment home loans.

  • Introductory Home Loan P&I Fixed 1 yr: 50 basis point cut to 2.29% p.a. (3.92% p.a. comparison rate*)
  • Introductory Home Loan P&I Fixed 3 yrs: 50 basis point cut to 2.29% p.a. (3.65% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 1 yr: 50 basis point cut to 2.79% p.a. (4.99% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 3 yrs: 50 basis point cut to 2.79% p.a. (4.60% p.a. comparison rate*)

And for investors...

  • Introductory Investment Loan P&I Fixed 2 yrs: 70 basis point cut to 2.79% p.a. (3.87% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 3 yrs: 70 basis point cut to 2.79% p.a. (3.77% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 1 yr: 85 basis point cut to 2.79% p.a. (3.96% p.a. comparison rate*)

With the cash rate looking to be set in stone for some time, it may be a good time to consider fixing your interest rate and locking in the savings.