Headline rates for these four lenders include four-year fixed loans for owner-occupiers, up to 80% LVR paying principal & interest (P&I).
- Aussie: 'Select Basic' cut by 125 basis points down to 1.99% p.a. (2.39% p.a. comparison rate*)
- ING: 'Orange Advantage' cut by 60 basis points down to 1.99% p.a. (3.43% p.a. comparison rate*)
- BOQ: discounted rate cut by 55 basis points down to 1.99% p.a. (2.90% p.a. comparison rate*)
- Bendigo Bank: 'Complete Home Loan' cut by 110 basis points down to 2.09% p.a. (2.82% p.a. comparison rate*)
The trend of cutting big for four-year fixed loans was started by big four banks CommBank, Westpac, and NAB after the Reserve Bank's cash rate cut last Tuesday.
As it stands, ANZ is yet to introduce a sub-2% home loan.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.16% p.a. | $2,319 | Principal & Interest | Fixed | $0 | $530 | 90% | Featured |
| Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply in minutes |
| Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $2,421 | Principal & Interest | Variable | $0 | $250 | 60% | Featured |
| Disclosure |
Two other banks cut home loans at the same time as giving their savings accounts a haircut as well.
UBank cut its savings account rate by 15 basis points to 1.31% p.a, while Macquarie's four-month intro savings rate was also cut by 15 basis points down to 1.35% p.a.
Conversely, quite a few of their owner-occupier home loans were also cut, including:
- UBank: UHomeLoan three-year fixed P&I cut by 19 basis points to 1.95% p.a. (2.36% p.a. comparison rate*)
- Macquarie: Basic one-year fixed P&I 70% LVR cut by 10 basis points to 2.09% p.a. (2.50% p.a. comparison rate*)
Meanwhile, a few other prominent players in the market broke the sub-2% barrier, including:
- AMP: Professional Package Fixed 3 Years 90% 52 basis point cut to 1.97% p.a. (3.01% p.a. comparison rate*)
- CUA: Fixed P&I 3 Years 80% 52 basis point cut to 1.97% p.a. (3.86% p.a. comparison rate*)
- Citi: Fixed P&I 1 Year 80% 350k+ 20 basis point cut down to 1.99% p.a. (4.94% p.a. comparison rate*)
A number of lenders also cut to under 2% on home loans with different fixed-rate periods - check each lenders' website for further details.
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