Two banks cut interest rates despite widespread hikes
Despite the current trend of lenders to raise interest rates, two lenders have decided to lower their rates in a game for the key refinancing market.
UBank, a leading fintech, cut its three-year fixed rate by 0.1%, with homeowners with a loan-to-value ratio (LVR) of less than 80% now paying as little as 1.85%. Those on 85% LVR will also have access to a slightly higher rate of 2.05%.
UBank, a subsidiary of NAB and joined with 86,400, also lowered investor rates by 0.19% pa
“We regularly review our mortgage rates to make sure we are delivering great value to our clients. Today, we are delighted to reduce some of our already high fixed rates to levels unmatched in the market, ”said Philippa Watson, CEO of UBank.
Bank of Us, one of Tasmania’s largest banks, will offer customers 1.79% on a one-year fixed rate home loan. Isle.
“We are committed to supporting the Tasmanians now as we have done for the past 151 years,” he said.
“We are from Tasmania ourselves, so we understand how this low interest rate could positively impact those in our community who are waiting for this opportunity to make the leap into homeownership.”
“With that in mind, we have gone ahead and reduced our 1 year FlexiDiscount fixed mortgage rate for new loans up to 80% of the value of the property at a competitive rate of 1.79% per annum. with a comparison rate of only 2.45% per year.
“We are fully committed to delivering the benefits that can only come from choosing a 100% Tasmanian-owned bank – local, personal customer service and competitive banking products and services – which were designed by Tasmanians for Tasmanians. “
READ MORE: Refinancers ahead of first-time buyers, ABS says