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CUA has announced it will cut interest rates on its fixed home loans by up to 40 basis points, with some to fall by more than the Reserve Bank’s 0.25 per cent rate reduction.
The biggest reductions will be on the one-year fixed loans, with the one-year basic fixed rate to be cut by 40 basis points to 4.49 per cent, and the premium fixed rate to fall by 35 points to 4.64 per cent.
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CUA’s two-year basic fixed rate will be cut by 30 points to 4.59 per cent, while the two-year premium fixed rate will drop by 25 points to 4.74 per cent.
Rates on the credit union’s five-year basic fixed rate will fall by 21 points to 5.10 per cent, and its five-year premium fixed rate will be cut by 16 points to 5.30 per cent.
Its three-year basic fixed rate will drop by 10 points to 4.69 per cent, and its three-year premium fixed rate will be cut by five points to 4.84 per cent.
The changes to CUA’s fixed rates follow its decision to lower interest rates across all of its variable rate home loans.
[Related: Rapid growth for CUA’s loan volumes]
