The industry wide influx of fixed rate cuts predicted after decreases were implemented at the country’s two biggest lenders – CBA and Westpac – has begun to unfold.
Customer-owned P&N Bank has lowered its two year fixed owner occupier home loan rate to 3.69% and its three year to 3.72% per annum.
The two year investor fixed home loan rate has been reduced to 3.79% and the three year rate to 3.82% per annum.
As of Friday, 12 April, P&N’s new two and three year fixed rates were lower than all the major banks.
Non-bank Bluestone also announced rate discounts across its loan products of .20 bps for two-year fixed term loans and .30 bps for three-year fixed term loans, a deal that is available to new customers for “as long as the interest rate market remains favourable.”
Additionally, for a limited time, its fixed rates will start from 3.84% for clear credit borrowers with an LVR of 60% or less via Bluestone’s near prime product Crystal Blue.
The decreases go into effect as of today, 15 April.
Royden D’Vaz, head of sales and marketing at Bluestone, summarised the movement. He said, “Beyond the benefit to our borrowers, we also hope the reduction will help our brokers have positive conversations with their customers, who may be pleasantly surprised that they can access rates that are comparable to major lenders.”