Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Lender unveils 3.49pc fixed rate

Lender unveils 3.49pc fixed rate

The global trend of cheap money is alive and well in Australia, with one lender slashing its one-year fixed rate by 80 basis points.

The Greater Building Society has reduced its one-year rate from 4.19 per cent to 3.49 per cent for new loans that are fully drawn before 30 June 2015.

The Greater is also waiving application, establishment, settlement and valuation fees on this product.

Advertisement
Advertisement

Chief executive Scott Morgan said the new rate is one of the lowest The Greater has ever offered.

The Greater offers home loans as well as other banking and financial services to around 250,000 customers in New South Wales and south-east Queensland.

The lender said its current volumes are strong, but has the capacity to welcome more home loan customers from these areas.

The rate move comes after The Greater passed on the Reserve Bank’s 25-basis-point cut on its variable home loans earlier this month.

According to comparison website finder.com.au, The Greater now has Australia’s cheapest one-year fixed rate.

It is followed by Newcastle Permanent (3.99 per cent), IMB (4.29 per cent), Beyond Bank (4.34 per cent) and Aussie Home Loans’ white-label product (4.39 per cent).

Newcastle Permanent has the cheapest two-year fixed rate (3.99 per cent), followed by The Greater (4.24 per cent), Aussie (4.39 per cent), and NAB and RAMS (both 4.59 per cent).

HSBC has the cheapest three-year rate (3.95 per cent), followed by Bank of Queensland and Newcastle Permanent (both 3.99 per cent), IMB (4.24 per cent) and CUA (4.25 per cent).

Newcastle Permanent also has the cheapest five-year rate (4.39 per cent), followed by NAB, Aussie, and Westpac (all 4.59 per cent) and St George (4.64 per cent).

Lender unveils 3.49pc fixed rate
mortgagebusiness

 

Latest News

The APRA Capability Review has been released, outlining that while the regulator has been “an impressive and forceful regulator”, it sho...

Two non-major banks have reduced their interest rate floors for home loan serviceability assessments, following moves from ANZ and Westpac. ...

Residential property values are expected to begin rising sooner than anticipated, with ANZ Research revising its forecasts in response to re...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.