CUA cuts three year fixed rate to 4.79%

CUA has dropped interest rates on its three year fixed rate home loan from 4.89% to 4.79%.

Its comparison rate is now 5.29%.

CUA’s Jason Murray says the product is now the equal lowest rate in the market and 30 basis points lower than the lowest rate offered by the big four banks on an equivalent product.

“The market is fiercely competitive at the moment and as a result, it’s an ideal time for Australians to shop around for a great deal on their home loan,” Murray says.

According to CUA, over the three year fixed rate term of a $300,000 loan, paying principal and interest, its three year fixed rate home loan at 4.79% could save homebuyers $43 per month – or $1,551 in interest payable over the full term of the loan (three years), when compared to the average rate of the big four banks' equivalents.

On June 26 CUA cut the rate by 10 basis points to 4.89%.