Lenders cut fixed rates: guide to the lowest rate home loan offerings fixed and variable as of October 30

Lenders continue to cut their fixed-rate home loans as anticipation builds that the RBA may cut the cash rate to 3% on Melbourne Cup Day on Tuesday.

Yesterday Credit Union Australia (CUA), the nation’s biggest customer-owned lender, dropped its one, two and three-year fixed rate home loans to 5.3% following moves by other lenders throughout the month.

Mozo product data manager Peter Marshall told Property Observer earlier this month that fixed rates “still have some way to fall” and have not matched the falls in variable rates since the RBA starting cutting the cash rate in November last year.

This follows Community First Credit Union and Greater Building Society both offering one-year fixed rate home loans at 4.99%.

The following results are based on advertised mortgage rates listed by ratecity.com.auMozo.com.au and infochoice.com.au as of October 30:

Lowest variable rate offerings:

Provider

Loan name

Rate

Comparison rate*

Loans.com.au

Dream Catcher

5.42%

5.45%

UBank

UHome Loan (for refinancing)

5.47%

5.47%

Nationwide Mortgage

True Save Home Loan

5.47%

5.47%

Mortgage View

Pro Pack

5.47%

5.49%

Lowest one-year fixed-rate offerings

Provider

Loan name

Rate

Comparison rate*

Greater Building Society

Ultimate home loan

4.99%

6.02%

Community First Credit Union

12 month fixed

4.99%

6.46%

My Mortgage Freedom

Fixed rate >75 LVR

4.99%

5.98%

UBank

UHome Loan (for refinancing)

5.03%

5.4%

Lowest three-year fixed-rate offerings

Provider

Loan name

Rate

Comparison rate*

UBank

Three year fixed

5.13%

5.40%

Pacific Mortgage Group

Three year fixed

5.19%

5.43%

HSBC

Three year fixed

5.29%

6.15%

CUA

Residential Fixed Three years

5.30%

5.9%

*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.

For information on refinancing, watch our free webinar Refinancing and the Interest Rates Riddle

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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