UBank cuts fixed home loan rates, offering rock bottom 2.99%

The rate cut frenzy continues, with UBank the latest lender to jump on board the trend, slashing it’s fixed rate UHomeLoan by up to 0.60% today and debuting a jaw dropping new rate. 

After the RBA dropped the official cash rate to a historic low 1.25%, many lenders have been slashing interest rates along with it - but few have gone as low as the new 2.99% (4.09% comparison rate*) on offer from UBank for a 1 year fixed term.

UBank cut rates on its UHomeLoan for terms of 1, 3 and 5 years, for both owner occupiers and investors, on both principal and interest and interest-only loans. The rate cuts are effective immediately from 14 June 2019, and only apply to new borrowers.

Greater Bank previously cut it’s fixed rate home loans as well, bringing the one year fixed rate to 2.99% (4.42% comparison rate*) as well.

Mozo banking expert Peter Marshall has cautioned borrowers that there could be even lower rates to come if another RBA rate cut happens this year. But if you’re keen to lock in a low rate, one solution could be to opt for a split rate loan. This means you fix a portion of your loan at a certain rate, then the rest of your loan is on a variable rate, and benefits from any future rate cuts. A split rate feature is available with the UBank UhomeLoan fixed rate offer.

So if you’re ready to lock in a fixed rate, read more about UBank’s UHomeLoan, or head over to our fixed rate comparison table to check out some more fixed rate home loan options.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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