Just days after two aggregation heads predicted greater cuts to fixed rates, a credit union has joined the list of lenders cutting their rates.
Late last week, CUA cut its three-year fixed rate home loan to 5.25 per cent.
CUA’s general manager, products and marketing, Jason Murray said the new rate is, on average, 19 basis points lower than the big four banks’ equivalent products.
“CUA’s three-year fixed rate home loan reinforces its ongoing commitment to offer customers the best deal it possibly can,” Mr Murray said.
“Fixing a mortgage not only provides payment certainty over an extended period, but can also help to stabilise your monthly outgoings. While the official cash rate is at the same low levels it was at the peak of the GFC, economists are seeing signs of an upturn in global economic conditions which suggests that rates may not go much lower, so now could be an ideal time to lock in your mortgage rate.”