Following the Reserve Bank of Australia’s (RBA) official cash rate change announced on Tuesday 3 November, bcu has decreased rates on several home lending products.
There will be a rate reduction of up to 1.01% p.a. on fixed rate home lending products for owner-occupiers, 0.94% p.a. for investors, as well as a rate reduction of 0.10% p.a. for a variable rate home lending product for owner-occupiers.
Effective from 3 December 2020:
- bcu’s OMG Variable Home Loan (principal and interest) interest rate for new and existing owner-occupiers will be reduced by 0.10% p.a. to 2.59% p.a. (comparison rate 2.59% p.a.)
- bcu’s new 2-year Fixed Rate Home Loan (principal and interest) interest rate for owner-occupiers will be 1.98% p.a. (comparison rate 3.76% p.a.)
- For a full list of bcu’s interest rates visit www.bcu.com.au/home-loans
General Manager bcu, Mike Ribbens, said as a member-owned bank, bcu is committed to passing on as much of this rate cut as possible to help support our members.
“We do not pay dividends to third party shareholders but return as much profit as we can through competitive products delivered with member focussed personalised service.
“In this record low interest rate environment, it may now be possible for more locals within our communities to enter the home ownership market, and that is something bcu are proud to be a part of.
“I encourage everyone to compare like-for-like product features and fees and not just the advertised rates when considering potential lending arrangements as an advertised rate is often just one of the important things to consider.”