Queensland Country Bank now has a home loan under 2%

author-avatar By on August 06, 2021
Queensland Country Bank now has a home loan under 2%

The naming rights sponsor to Cowboys stadium made a noteworthy change to two variable loans for both owner occupiers and investors.

The variable 'Ultimate Package' interest rate for both owner occupiers and investors was cut by 50 basis points on Tuesday.

Both rates are now 1.99% p.a. with a 2.39% p.a. comparison rate*.

This is noteworthy because investment home loans under 2% are rare, and investment home loans also usually attract higher fees, which is then reflected in a higher comparison rate.

Fixed loans are also more common in the sub-2% realm.

These rates are available for those paying principal & interest (P&I), and for a maximum loan-to-value ratio (LVR) of 80%.

These home loans are available as special offers, which means they could be withdrawn at any time.

In response to the rate cuts, Cowboys' legend Johnathan Thurston said: "Hahahahahaha"*

(*Didn't actually happen)

More rate cuts for challenger brands

On Friday, MyState Bank cut interest rates on a variety of home loans by between 5 and 15 basis points. 

Some noteworthy changes were: 

  • Investment Basic Variable 80%: 15 basis point cut to 2.64% p.a. (2.67% p.a. comparison rate*)
  • Owner Occupier Basic Variable 80%: 5 basis point cut to 2.39% p.a. (2.42% p.a. comparison rate*)

Heritage Bank also cut rates on a wide variety of home loans by between 5 and 15 basis points. 

Some noteworthy changes were: 

  • Discount Variable 150k+ 80%: 15 basis point cut to 2.44% p.a. (2.49% p.a. comparison rate*)
  • Inv Discount Variable 150k+ 80%: 10 basis point cut to 2.69% p.a. (2.74% p.a. comparison rate*)

The changes in variable loans goes against the grain of rate movements lately; instead, many lenders have been increasing rates to fixed loans in 2021, which generally saw the biggest cuts in 2020.


Photo by Kobokem2021 on Wikimedia Commons

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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