CUA drops rates by 25 basis points but still much cheaper than the big banks
CUA, the customer-owned financial institution, will cut its variable home loan to 6.47% from Wednesday, May 9.
It represents a cut of just 25 basis points from its 6.72% rate, but is still a 50 basis point discount to the current average of the major banks after two of the big four (NAB and Commonwealth Bank) have made their announcements, CUA notes.
The CUA claim will need to be adjusted after tomorrow's Westpac announcement and then again after ANZ makes its move next Friday.
CUA also announced it will cut its three-year fixed rate to 5.89%.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
