bcu Logo

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 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 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.”

bcu, a division of Police & Nurses Limited ABN 69 087 651 876, AFSL 240701, Australian Credit Licence 240701. Credit Eligibility criteria, terms and conditions, fees and charges apply. After the fixed period, rate reverts to the applicable variable rate. Rates are subject to change. Comparison rate calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loans amounts might result in a different comparison rate.