Bank has announced cuts to a range of its 3-year and 5-year fixed home loan rates, saying consumers could save more than $200 a year.
The 3-year fixed rate starts from 4.29% for the Home Package Plus product and interest in advance home loan. The non-major says this new rate will save Home Package Plus homeowners $18.84 a month or $226.08 a year in repayments over the initial three-year fixed period. The standalone 3-year fixed rate has been slashed to 4.44%.
The 5-year fixed rate starts from 4.59% for the Home Package Plus product and interest in advance home loan. The standalone 5-year fixed rate is 4.74%.
Bank Head of Intermediaries, Steven Degetto, said the lender’s latest rates will bolster its home lending proposition.
“We have reduced our rates across three and five-year fixed standalone home loans, fixed package home loans and fixed interest in advance home loans. Our aim is to give customers options and flexibility when locking in a competitive rate for their preferred loan,” he said.
“Interest rates are now at the lowest they have been in more than 40 years, making it a good time for not only current borrowers to consider their home loan options, but also for those looking to enter the property market.”
Degetto says the non-major will also continue to offer a waiver of the annual Home Package Plus for the life of the loan, saving new customers with lending of $150,000 or more, up to $11,250 (with savings based on $375 p.a. over a 30 year loan term).
All new rates came into effect 10 April 2015.