Non-majors join rate cut frenzy

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More non-major lenders have joined the rate cut frenzy following the Reserve Bank’s rate cut to 1.5% last week.

ING Direct will reduce its Orange Advantage variable home loan rates for new and existing customers by 0.12%, effective Monday 15 August 2016. 

This will see the Orange Advantage owner occupier loan reduced to 3.67% while the investor loan will be reduced  to 4.12%.

All other variable home loan rates will reduce by 0.10% effective Monday 15 August. ING’s commercial variable loan rates will also reduce by 0.10%.

CUA will also lower its standard variable rate by 0.12%, effective 18 August. Owner occupiers will be offered a variable rates of 4.69% and investors will be offered a rate of 5.10%.

Bendigo Bank will decrease its residential mortgage variable interest rate by 0.10% to 5.38%, effective 29 August. 

Finally, QBANK announced it will reduce variable rate home loans by 0.15%, effective 19 August.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

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