New low as Homestar Finance cuts its two-year fixed owner-occupier rate to 1.74%
Homestar Finance is offering the lowest two-year fixed rate in the home loan market. Homestar Finance has cut its two-year fixed owner-occupier rate by 14 basis points to 1.74%.
The rate cut move knocks Westpac from the top spot after it offered the lowest rate. The increased rate competition was dubbed a "raging rate war" by the Mortgage Professional Australia website.
“This loan is the lowest two-year fixed rate on the market and also the lowest overall home loan rate available nationally,” RateCity research director Sally Tindall told The Australian. “It also has one of the most competitive revert rates at 2.24%.”
Some 450 fixed mortgage rates have been cut over the last two months. Homestar is also equal lowest with Reduce Home Loans for the lowest variable rate at 1.79%.
Greater Bank has the lowest fixed rate in the market, with its one-year fixed rate sitting at 1.69%, with the rate only available to customers in New South Wales, Queensland and the Australian Capital Territory.
