Seven lenders slash home loan rates in July
Rate cuts are flooding the home loan market. The Reserve Bank of Australia has left official interest rates on hold recently but some lenders are cutting their home loan rates independently of the central bank. In fact the home loan market is being flooded by lenders cutting their mortgage rates. Here are seven lenders that have slashed their home loan rates in July 2016:
1) Bank of Queensland (BOQ) has made big cuts to investor and owner-occupier home loan rates. Bank of Queensland’s Investor Clear Path home loan variable rate has dropped by 0.70 percentage points to 4.19 per cent. Bank of Queensland’s Clear Path owner-occupier variable rate has been cut by 0.48 percentage points to 3.99 per cent. Conditions apply.
2) ANZ Bank has cut fixed rates on investor home loans by 0.45 percentage points. ANZ Bank’s two-year rate is now 4.14 per cent, and the ANZ Breakfree package starts at 3.99 per cent.
3) Bank of Sydney (BOS) has trimmed home loan interest rates on its Expect More Home Loan by 0.9 percentage points to 3.79 per cent, with conditions attached.
4) BOS’ new rate is available for loans with a maximum LVR of 70 per cent and where the property is located in metro postcodes. Borrowers must also be PAYG employees to qualify for the new rate.
5) Suncorp Bank has launched some special offers on its Better Together loans for owner-occupiers and investors. Suncorp is now offering a variable rate of 3.92 per cent on the Back to Basics home loan. The investor rate is now 4.19 per cent. Suncorp’s owner-occupier rate on the Better Together loan is now 4.14 per cent.
6) Advantedge has cut four of its home loan rates below 4 per cent.
7) Virgin Money’s Reward Me Home Loan three-year fixed rate for owner-occupiers has been cut by 0.20 percentage points to 3.79 per cent. The investor rate is now 3.99 per cent. Virgin’s variable rate for investors has also been cut to as low as 4.54 per cent, depending on LVR.