In the wake of Tuesday's RBA cut, banks have wasted no time in slashing mortgage rates.
Following the surprise announcement from the RBA that it would drop the official cash rate to 2.75%, NAB announced it would cut its standard variable rate by the full 25bps, dropping it to 6.13%.
ING Direct also announced it would pass on the full RBA cut, effective from Friday, 17 May. The move sees the non-major lower rates on its Mortgage Simplifier product to 5.47%.
Commonwealth Bank also chose to pass along the 25bp cut, bringing its new SVR to 6.15%, effective from Monday, 13 May.
Westpac became the third major to announce a cut, also slashing rates by 25bps to bring its headline SVR to 6.26%. While the rate is higher than rivals NAB and CBA, the bank argued that the majority of its customers would receive a minimum discount of 70bps, bring the effective rate to 5.56%.
Westpac subsidiary St. George followed the move, dropping its rate to 6.24%, while the bank's regional brand Bank of Melbourne cut its rate to 6.15%. St. George and Bank of Melbourne also said the lenders would beat any rate advertised by the majors up to 30 June.
Suncorp also followed suit, reducing rates on its home and small business loans by 25bps. The rate cut brings the standard variable rate on Suncorp home loans to 6.24%.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out