Non-bank lender doubles RBA cut

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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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  • daffy says on 11/10/2012 10:01:18 PM

    my home mortgage stands at 6.18%, and has been for the last 8 months..........i'm thinking of changing as there are better deals than 6.18%, so 6.74%, unless it's a typo and you mean 5.74% is laughable?

  • Mike says on 12/10/2012 10:16:28 AM

    Yeah daffy, this report is a little misleading - the .40% drop is only for their SMSF product. It's a niche product and that's why they can do this in a bid to get some positive press for it without hurting their bottom line too much. That's also why the rate is so high. They actually only dropped the regular rates the more standard .20%

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