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.
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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.