One of Australia’s credit unions has trimmed even more interest from its range of fixed rate home loans, taking its three-year fixed rate mortgage to 5.10 per cent.
Yesterday, Credit Union Australia’s (CUA's) general manager, products and marketing Jason Murray said the new cut means the lender’s three-year fixed rate is now “significantly lower” than the equivalent rates being offered by the majors.
On an average loan size of $300,000 with a 30-year term, a three-year fixed rate home loan from CUA at 5.10 per cent could save home buyers $63 per month, Mr Murray said.
“While one of Australia’s largest banks has moved to increase their fixed rates, CUA has chosen to make further cuts to its entire suite of fixed rate products. We are determined to offer customers the best deal we possibly can and these cuts further demonstrate that,” he said.
“CUA aims to provide Australians with an innovative alternative based on value and service to the major banks and we are constantly looking at ways to reinforce this to our customers.”
The new rate cuts come into effect tomorrow, Friday 22 March.