One lender has announced a rate cut of up to 0.53 per cent across all of its fixed home loan products.
Effective immediately, Teachers Mutual Bank’s one-year and two-year fixed rates have dropped to 4.15 per cent, while the bank's three-year fixed rate has decreased to 4.09 per cent from 4.58 per cent – the lowest rate offered by the group in 40 years.
The four-year loan has seen a 0.23 per cent change, falling to 4.45 per cent from 4.68 per cent while the five-year fixed has dropped 0.30 per cent from 4.75 per cent to 4.45 per cent.
Teachers Mutual also announced it is waiving application and settlement fees on its three-year fixed rate home loan until the end of June, a saving of $750.
“This three-year fixed home loan rate combined with the fee waiver provides brokers with a great opportunity to target the education community and their families,” Teachers Mutual Bank national manager of third-party distribution Mark Middleton said.
“As we expand our reach throughout the education sector we remain committed to providing highly competitive rates, great value products and an excellent member experience.”