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CUA is also passing on a range of fixed rate reductions for investors, with rate cuts of up to 0.33 per cent p.a. The new fixed rates are available for home loan applications fully approved from today.
Under the changes, CUA will now offer interest rates below 4 per cent p.a. for owner-occupiers across its one-year (3.94 per cent p.a.), two-year (3.96 per cent p.a.) and three-year (3.99 per cent p.a.) fixed rate home loans. The fixed rates will complement CUA’s variable rates, which start from 3.99 per cent p.a. for its Fresh Start Basic (owner-occupier) home loan.
Fixed rates for investors will start from 4.34 per cent p.a. for the one-year fixed rate loan. The two-year fixed rate for investors will fall to 4.36 per cent p.a., while the three-year fixed rate will be reduced to 4.39 per cent p.a.
CUA’s general manager of products and marketing, Jason Murray, said the mutual lender had reviewed its fixed home loan offers in line with the market, and was passing on a range of rate reductions that would benefit new borrowers or those looking to switch their mortgage to a fixed rate.
“There are a lot of people shopping around for loans at the moment and the market is seeing an increasing number of borrowers considering fixed rate options. Now is a great time to lock in a very competitive fixed rate with CUA and benefit from being part of an organisation focused on helping our members,” Mr Murray said.
“These reductions in fixed interest rates will be welcome news for first home buyers looking to get into the property market. In Queensland, first home buyers also have an additional incentive to enter the property market, with the Queensland government recently confirming that the first home buyer grant is being increased to $20,000 from 1 July, for a period of 12 months.”
Mr Murray said the reduction in investor interest rates also came on the back of recent changes CUA made to wind back some restrictions on investor lending by lifting maximum loan to valuation ratios (LVRs).
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