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.
New lowest home loan rates
|Teachers Mutual Bank||3.99%|
|Mortgage House (RBA special)||3.29%|
|Reduce Home Loans||3.44%|
Note: some rates are effective Friday 31st May and Monday, 3rd June.