CUA offers record-low fixed rate home loan and cuts for SMEs
Australia’s largest customer-owned banking organisation, CUA, has launched its lowest ever interest rate of 1.97% for a 3-year fixed rate home loan. The home loan is available for owner-occupiers paying principal and interest, with CUA also dropping variable rates for all business loans.
“We recognise that this has been a tough time for many Australians,” says CUA Chief Executive Officer Paul Lewis. “These moves will support home-owners and small business members alike to recover from the impact of COVID-19.”
Small business owners will receive a 15-basis point cut on SME variable rate loans or can choose to fix for three years at new reduced rates.
Members looking to buy a new home, refinance an existing one or looking to switch their existing products will be able to select from reduced rates across one-to five-year fixed rate home loans, giving them confidence to plan ahead with certainty around one of their major outgoings.
For home loans - available 12th November:
- 2.19% 1-year fixed rate home loans for owner-occupiers who pay principal and interest
- 2.09% 2-year fixed rate home loans for owner-occupiers who pay principal and interest
- 1.97% 3-year fixed rate home loans for owner-occupiers who pay principal and interest
- 2.59% 5-year fixed rate home loans for owner-occupiers who pay principal and interest
For small business loans – available 19th November:
- 15 basis point reduction in SME variable rate small business loans
- 2.49% 3-year fixed rate loan principal and interest (residential security)
- 2.99% 3-year fixed rate loan principal and interest (commercial security)
“CUA is a viable, vibrant alternative to the biggest banks, and these rates will help us achieve a key part of our purpose – helping customers achieve financial security and own their own home,” says Mr Lewis.” We are also pleased to be supporting small businesses through this difficult time.”
“Since we began nearly 75 years ago, we’ve helped thousands of Australians to achieve the dream of home ownership and are pleased these rates will help even more do just that.”