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Lender cuts rates below 4%

by James Mitchell4 minute read

A Queensland-based lender has announced a new discount offer on its home loan products.

QPCU (previously Queensland Police Credit Union) has announced a new discount offer on its Classic Home Loan, with a new rate effective Tuesday 8 December.

The 3.97 per cent Classic Home Loan discount offer is valid for new lending, principal and interest loans of more than $150,000.

Features include a comparison rate of 3.98 per cent with no upfront fees. The rate is not available on interest-only mortgages.

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It follows QPCU’s announcement of a 3.89 per cent three-year fixed rate home loan last month.

QPCU executive manager of sales and distribution Lee Slattery said the new rates show QPCU is aiming to give brokers a real alternative.

“We believe having market leading rates like our new variable rate offer and existing fixed rate offer, helps brokers talk to their customers about making the move to QPCU,” he said.

Earlier this month, members of the group voted overwhelmingly in favour of removing the term ‘credit union’ from the company’s name.

Nearly 90 per cent of voting members approved the change from Queensland Police Credit Union Limited to QCPU Limited at the lender’s annual general meeting.

The move allows QPCU to apply through APRA to use the term ‘bank’ in a new trading name.

[Related: QPCU announces name change]

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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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