Home loan interest rate reduction

Queenslanders Credit Union is reducing the interest rate on the full range of home loans by 0.15% p.a.

This marks the second time Queenslanders has reduced home loans this year, with variable interest rates now 0.40% lower than they were in January, and the cheapest they have ever been.

The Credit Union’s most popular offering, the Ultimate Home Loan, has been awarded five stars for outstanding value by independent ratings firm Canstar and continues to represent better value than similar loans in the market.

*All interest rates listed include the latest announced reductions following the RBA rate cut.
Rates do not include any discounts that may be offered on an introductory basis or as part of a wealth package.

Today’s announcement, coupled with the interest rate reduction in February, means Queenslanders Credit Union customers with an Ultimate Home Loan will save about $72 a month on an average mortgage of $300,000.

Chief Financial Officer Matthew O’Keefe said in making the decision to reduce interest rates, Queenslanders had to carefully consider the needs of both savers and borrowers in the current economic environment.

“All the money we lend out comes from funds that have been invested by other customers in savings and deposits, so it’s important we find the right balance when setting interest rates.

“It’s a competitive lending market at the moment where interest rates have never been better for borrowers.

“We’re pleased to continue offering our customers some of the best rates in Australia across our full range of home loans.”

The new rates will be effective from today for new business, and from Tuesday 26 May 2023 for existing home loans.

For further information please refer to our Frequently Asked Questions.