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Australia’s largest customer-owned financial institution has announced it will buck the recent trend and hold its three-year fixed rate home loan steady at 4.79 per cent.
Jason Murray, CUA’s general manager, products and marketing, said the fixed rate offer is currently one of the best in the market,” he said.
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“Our three-year fixed rate home loan at 4.79 per cent is now 0.5 per cent lower than the lowest rate offered by the big four banks on their equivalent products and one of the best rates in the market right now,” he said.
As reported recently by The Adviser, all four majors along with several other lenders have moved to increase their fixed rates in recent months.
“At a time when we are seeing property prices surge across our capital cities and homebuyers starting to flock back into the market, our decision to go against the general market trend and do nothing with our fixed rates will not only save our customers money, it’s further proof of our commitment to consistently offer better value,” said Mr Murray.
Now is the right time for borrowers to be considering if their current mortgage is right for them, given the current rate environment and future expectations, according to Mr Murray.
“Given the upwards trend in property prices and the recent upwards movement of fixed interest rates, homebuyers keen to fix in a great rate should certainly look beyond the term of their mortgage and ensure they are comfortable to service their loan in what may be a higher interest rate environment,” he said.
