3 year fixed home loan rates now 6.99%p.a.*
20 APRIL 2011, SYDNEYIf you are worried that you have missed the boat on fixing your home loan’s interest rate, think again. The move today by Easy Street Financial Services to reduce their 3 Year Fixed home loan rate to 6.99%p.a. (comparison rate 7.18%p.a.*) means it’s still possible to lock in a low rate and save money, with a fixed home loan rate.
Easy Street is the online brand of Community First Credit Union Sydney’s largest community based credit union. It is a mutual organisation and therefore member owned and run for the benefit of members, not for external shareholder profit which translates into competitive interest rates on their home loan products.
Chief Executive Officer of Community First , John Tancevski believes “that many people are already seriously looking at credit unions across Australia as an option for their home loan. A competitive fixed interest rate like this is just one of the many reasons why Members of credit unions like ours can expect greater value when it comes to managing their finances.”
Comparing Fixed Rate Home Loans
When compared to thecurrent 3 year fixed home loan rates from the major banks, Easy Street's rate of 6.99%p.a. is40 basis points belowthe cheapest 3 year fixed home loan from the major banks:
Easy Street - 6.99%p.a. (7.18%p.a. comparison rate)
CBA - 7.39%p.a. (7.81%p.a. comparison rate)
NAB - 7.39%p.a. (7.71%p.a. comparison rate)
ANZ - 7.34%p.a. (7.74%p.a. comparison rate)
Westpac - 7.49%p.a. (7.88%p.a. comparison rate)
St George - 7.44%p.a. (7.85%p.a. comparison rate)
“Whether you believe there are more interest rate rises on the horizon or not, the right fixed rate home loan can have many benefits for borrowers” says John Tancevski. “If you like the certainty of knowing what your home loan repayments will be during the term of the loan and they won't go up, a fixed loan could be for you.”
An added sweetener for borrowers is that unlike many other financial institutions in Australia, it comes with a 100% Offset account, which allows you to cut interest costs substantially by allowing the balance in your savings account to offset your home loan balance, thereby cutting interest charges. There are also no monthly fees, free redraw, and the ability to make additional repayments (up to $25,000 p.a. fee free).
To find out more visit www.easystreet.com.au
*Rate is current as at 20/04/11 and subject to change without notice. All loans are subject to lending guidelines. Terms and conditions, fees and charges apply details available on application. **Example is based on a loan of $150,000 over 25 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
About Easy Street Financial Services
Easy Street Financial Services is an online brand initiative of Community First Credit Union, the largest community based credit union operatingthroughout Sydney and the Central Coast. Easy Street was launched in July 2002 and has won numerous industry awards over the years forboth its savings and loan products.
In November 2011, Easy Street's 2 year fixed home loan was awarded a 5 star rating for outstanding value from Canstar Cannex. The Canstar Cannex 5 star ratings provide an independent and transparent assessment of home loan products based on pricing and features. Easy Street’s 3 year fixed home loan took out the Gold award for Best 3 year Fixed home loan in the non Bank category in the 2009 Mortgage of the Year Awards conducted by Your Mortgage Magazine.
About Community First Credit Union
Community First is Sydney’s largest community based credit union and has been in operation since 1959. Community First has over 76,000 Members, 13 Financial Services Stores and over $760 million in assets under management. For fifty years, the focus at Community First has been on building financial relationships that deliver our promise to benefit Members through standards of service superior than our competitors, fairer fees and competitive interest rates on savings and loans.