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Home Loans interest rates reduction announcement

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The interest rate cuts to our fixed term home loans become effective on 16 November

 

Home Loans interest rates reduction announcement

Following the Reserve Bank of Australia’s (RBA) official cash rate change, Australian Mutual Bank is performing rate cuts to our fixed term home loans effective from 16 November 2020.

For Owner Occupied standard fixed rate home loans, we will apply:

  • 0.35% cut to 1, 2 and 3 year fixed home loans interest rates (revised rates starting now at 2.04% p.a.)
  • 0.60% cut to 5 year fixed home loans interest rate (revised rate 2.34% p.a.)

Our Special Offers for Owner Occupied Fixed Rates (min. borrowing amount $100,000) will also be reduced, applying:

  • 0.30% cut to 2 and 3 year Special Offer Fixed home loans interest rates (revised rate 1.98% p.a.)
  • 0.10% cut to First Home Buyer – Fixed 2 years Special Offer (revised rate 1.89% p.a.)

For Principal & Interest Investment home loans, we will apply:

  • 0.35% cut to 1, 2 and 3 year fixed home loans interest rates (revised rates starting now at 2.29% p.a.)
  • 0.60% cut to 5 year fixed home loans interest rate (revised rate 2.59% p.a.)

For Interest Only Investment home loans, we will apply:

  • 0.35% cut to 1, 2 and 3 year fixed home loans interest rates (revised rates starting now at 2.49% p.a.)
  • 0.60% cut to 5 year fixed home loans interest rate (revised rate 2.79% p.a.)

We acknowledge 2020 has been a hard year for many Australians, and we hope these rate cuts will provide security over the next few years.
Existing customers with a variable rate home loan who are considering switching to a fixed rate loan are encouraged to contact us to talk about their specific circumstances.