Friday, 6 November 2020
Today we announce changes to support home loan customers with our lowest ever Fixed Rate home loan offers.
Effective from Wednesday 11 November:
- Fixed interest rate of 1.99% on new five year Premium Plus Package Fixed Rate Special home loans for Owner Occupiers paying Principal and Interest repayments, with an LVR less than or equal to 80%. This is a reduction of more than 100 basis points, making this the lowest advertised fixed home loan rate in Australia on these terms (as at time of publication based on lenders included in Canstar comparison data).
- Fixed interest rate of 1.98% on new one year Premium Plus Package Fixed Rate Special home loans for Owner Occupiers paying Principal and Interest repayments, with an LVR less than or equal to 80%. This is our lowest ever one year Fixed Rate and is better than the rate offered by any of the major banks on a one year Fixed Rate product (as at time of publication).
Newcastle Permanent is also announcing new three and four year Premium Plus Package Fixed Rate Special home loans for Owner Occupiers paying Principal and Interest repayments, with an LVR less than or equal to 80%, also making these our lowest ever rates for these products.
Bernadette Inglis, CEO said that the impacts of the global pandemic have led to uncertainty for customers and the announcement of these new Fixed Rates will offer confidence to our customers over the long term.
"The move by the RBA earlier this week to bring the official cash rate to historical lows was to provide support to the Australian economic recovery and offer certainty to Australians.
"The changes we’ve announced today to our home loan interest rates, offering customers our lowest ever rates, is a continuation of our commitment to support our customers over the long term and offer some financial certainty during these uncertain times.
"This year, supporting our customers through the pandemic has been our priority—we’ve helped more than 3,000 customers through our customer assistance teams and have supported more than 2,200 customers with deferred home loan repayments.
"At the time of our announcement we searched high and low and could not find a better five year Fixed Rate home loan rate (for Owner Occupiers paying Principal and Interest) in Australia and our shorter one year Fixed Rate home loan offer is better than any of the major banks’ offer on the same term.
"Our purpose is to be here for you, here for good and our announcement today is evidence of our commitment to delivering this for our customers. We will continue to offer our customers competitive rates and award-winning service."
- The new Premium Plus Package Fixed Rate Specials will take effect Wednesday 11 November.
- Our variable home loan rates remain unchanged.
Australian home loan interest rate comparison data sourced from Canstar on 6 November 2020 at 9.30am.