Non-bank lender Homeloans has nearly doubled the RBA cut by dropping 45 basis points from its Homeloans ProSmart SMSF rate.
The rate will now stand at 6.74%, confirmed a spokesperson to Australian Broker Online.
It also cut 20 basis points from its Homeloans Ultra, MoniPower and ProSmart products.
The cuts come a week after Homeloans announced an increase in its upfront commissions and a 50% reduction on select upfront fees.
“We have already seen a large uplift in activity as a result of Homeloans’ announcements last week, and we’re now looking forward to further demand following our rate cuts,” said Greg Mitchell, Homeloans’ general manager sales.
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