Queensland Police Credit Union (QPCU) is offering a 30-basis-point discount on one of its fixed-rate products.
The lender's three-year fixed rate home loan has been reduced from 4.19 per cent to 3.89 per cent, with a comparison rate of 4.50 per cent.
The new rate comes into effect today and is valid for new principal-and-interest loans of more than $150,000. It also includes no monthly fees, free online redraw and no penalty for extra payments.
Commenting on the new rate yesterday, QPCU chief executive Grant Devine said the discount presents unparalleled value for members of the credit union.
"The rates we have announced today really are market-leading and show our commitment to providing better value than our competitors," he said.
QPCU's announcement comes after Teachers Mutual Bank launched its new Classic Home Loan with a variable rate of 4.11 per cent, and a comparison rate of 4.16 per cent.
The product is available for a limited time only for loan amounts between $150,000 to $1 million, and features a fee-free redraw facility.
“We always strive to keep our rates among the most competitive in the market and our new Classic Home Loan certainly demonstrates this,” Mark Middleton, national manager of third-party distribution at Teachers Mutual Bank, said.
“This product is a great option for rate-driven buyers looking to climb the property ladder this spring.”