CUA slashes rates on Fixed Rate Home Loan product suite
08/02/2012
CUA, Australia’s largest customer-owned financial institution, has announced it will slash rates across its Fixed Rate Home Loan product suite, irrespective of the Reserve Bank of Australia’s (RBA) decision yesterday to leave the official cash rate unchanged.
These rate cuts make CUA’s Three Year Fixed Rate Home Loan product among the lowest available in the market today at 5.95% – 43 basis points lower than the average of the big fours’ three year fixed rate home loans. CUA’s rate cuts are effective from Monday 13 February.
Based on an average loan size of $300,000 with a 30 year term, a Three Year Fixed Rate Home Loan from CUA at this rate could save homebuyers $84 per month, or $3,024 over the three year duration of the loan, compared to the average rate of the big four banks on their equivalent products.
Jason Murray, CUA’s Acting General Manager, Products & Marketing, said, “CUA is committed to offering customers the best deal we possibly can. Because our customer-owned model enables us to focus entirely on our customers, not on shareholders, we have more flexibility to make rate decisions that are in their best interests.
“Today’s rate cut announcement to our Fixed Rate Home Loan product suite means CUA now offers Australian homebuyers among the lowest Three Year Fixed Rate Home Loan product in the market today,” said Mr Murray.
Mr Murray also added, “For homebuyers seeking security and stability, particularly in the current economic climate, CUA’s Fixed Rate Home Loans will help them manage their mortgage repayments over an extended period.”
CUA’s Three Year Fixed Rate Home Loan product details:
| Term: | Three years |
|---|---|
| Rate: | 5.95% |
| Offer: | Effective Monday 13 February 2012, until further notice |
| Benefits: | No ongoing fees and up to three repayments in advance permitted without penalty |
| Apply: | Visit a CUA branch, call CUA Direct on 133 282, or use our Mobile Banker Locator to meet with a CUA mobile lender. |
Comparing Three Year Fixed Rate Home Loans
|
Three year Fixed |
Comparison Rate |
|
|---|---|---|
|
CUA |
5.95% |
6.56% |
|
ANZ |
6.29% |
7.08% |
|
NAB |
6.34% |
7.09% |
|
WBC |
6.39% |
7.21% |
|
CBA |
6.48% |
7.21% |
As at 7 February, 2012
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