KEY POINTS
- Rate reduction of up to 1.01% p.a. on fixed rate home lending products for owner-occupiers and 0.94% p.a. for investors.
- Rate reduction of 0.10% p.a. for a variable rate home lending product for owner-occupiers.
- We urge our Members to compare like-for-like rates in market.
bcu’s fixed rate home lending products will decrease by up 1.01% p.a. following the Reserve Bank of Australia’s (RBA) official cash rate change announced last Tuesday.
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%pa to 2.59% p.a.
- bcu’s new 2-year Fixed Rate Home Loan interest rate for owner-occupiers will be 1.98% p.a.
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.”
Fixed Rate Home Loan – Owner Occupied P&I
| Institution | 2-year fixed rate | Monthly fee |
| bcu, owner occupied, P&I | 1.98% p.a. | N/A |
| CUA, owner occupied, P&I | 2.09% p.a. | N/A |
| ANZ, owner occupied, P&I | 2.24% p.a. | $10 |
| Greater Bank, owner occupied, P&I | 2.24% p.a. | N/A |
| Bendigo Bank, owner occupied, P&I | 2.29% p.a. | $10 |
Source: Institutional websites and Mozo
Variable Home Loans – Owner Occupied P&I
| Existing rate | Rate cut | New rate | Effective date | |
| bcu OMG Variable Home Loan | 2.69% p.a. | -0.10% | 2.59% p.a. | 03/12/20 |
| ANZ Simplicity Variable Home Loan | 2.72% p.a. | No change | 2.72% p.a. | N/A |
| NAB Base Variable Special Offer Home Loan | 2.69% p.a. | No change | 2.69% p.a. | N/A |
| Heritage Bank Discount Variable Home Loan | 2.78% p.a. | No change | 2.78% p.a. | N/A |
Source: Institutional websites and Mozo
About bcu:
-
bcu is part of a Member-owned organisation, with a focus on local community banking.
- bcu has 21 branches spanning from the Sunshine Coast to Port Macquarie and offers a wide range of financial products and services, including home loans, personal loans, term deposits, credit cards.
- bcu is a division of Police & Nurses Limited following the successful merger between Bananacoast Community Credit Union Ltd and Police & Nurses Limited in 2019.
- bcu is an Approved Deposit Taking Institution (ADI) regulated to the same high standards of security as other banks, by such government agencies3as APRA, ASIC, the Reserve Bank of Australia, AUSTRAC and the ACCC; and
- bcu is a member of COBA (Customer Owned Banking Association) and the Business Council of Co-operatives and Mutuals (BCCM).