Effective from February 9 RAMS Home Loans has reduced its standard variable home loan rate to 5.69%, which is 22 basis points below owner Westpac. Westpac was the first major lender to cut rates by 1%, taking its standard variable rate to 5.91% also effective 9 February.
Furthermore,
the RAMS Rate Relief home loan will also be reduced by the full 100
basis points, offering customers a rate of 4.69% for the first two years
of the loan.
Aussie Home Loans are also cutting 1 per cent off their standard
variable rate from February 13. Their rate will fall to 5.65% for new
and existing borrowers. The Commonwealth Bank, which owns a 30% stake in
Aussie, is also dropping it's variable rate, on February 13, to 5.74%
as announced last week.
Last Tuesday the Reserve Bank of Australia cut 100 basis points off
the official interest rate. It was the third one per cent cut in the
past five months, bringing the official cash rate down to 3.25% the
lowest level for more than 40 years.
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source: IBTimes Australia
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