Home buyers find security with ‘rock bottom’ interest rates

Credit Union Australia is offering new home buyers a “rock bottom” fixed interest rate of 6.65 per cent for three years. The rate is only applicable to home or residential loans.

CUA's MD Graham Olrich said the rate was designed to make buying a new home, renovating or purchasing an investment property easier. The first few years of repaying a mortgage loan are the most difficult, he said. The low fixed interest rate on CUA's loan means new borrowers know their payments will remain constant for at least three years.