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Greater Bank goes below 3%

Greater Bank goes below 3%

Greater Bank has announced it will slash its 1-year fixed home loan for owner-occupiers paying principal and interest by 0.50 per cent to 2.99 per cent, making it the first bank to go below 3 per cent ahead of the RBA’s meeting on Tuesday.

Greater Bank is dropping several fixed rates, including its 2-year fixed rate to 3.39 per cent, and both the 4- and 5-year fixed rates to 3.64 per cent, which will be the lowest available rates on RateCity for all three loan terms.  

The rate cuts take effect on Monday 3 June.

Bank of Queensland will also cut its 2-year year fixed rate to 3.44 per cent, and 3-year fixed home loan rate to 3.39 per cent for owner-occupiers, effective tomorrow.

Today’s updates from Greater Bank and Bank of Queensland follows ING’s and NAB’s announcements made in the past 24 hours, as fixed rate cuts continue to flow in thick and fast.

New lowest home loan rates

1-year fixed

LenderRate
Greater Bank2.99%
Tic Toc3.39%
Macquarie Bank3.59%

2-year fixed

LenderRate
Greater Bank3.39%
BoQ3.44%
NAB3.49%

3-year fixed

LenderRate
BoQ3.39%
Loans.com.au3.48%
Suncorp3.49%

4-year fixed

LenderRate
Greater Bank3.64%
Macquarie Bank3.79%
Teachers Mutual Bank3.99%

 5-year fixed

LenderRate
Greater Bank3.64%
Macquarie Bank3.79%
UBank3.94%

Variable

LenderRate
Mortgage House (RBA special)3.29%
Reduce Home Loans3.44%
TicToc3.47%
loans.com.au3.48%

 Note: some rates are effective Friday 31st May and Monday, 3rd June.

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

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