 Cuts to home loan rates
Most lenders have now responded to the official rate cuts yesterday. Within minutes of the Reserve Bank of Australia (RBA) cutting official rates by one per cent, the Commonwealth Bank was first out announcing they would pass on the savings in full to home owners and cut their standard variable home loan rate by 100 basis points, down to 6.74 per cent.
Then followed the National Australia Bank, also cutting one per cent off their rates, to 6.70%
ANZ will cut 83 basis points to bring their rate to 6.91 per cent while Westpac are passing on a cut of 80 basis points to 6.91%
Bendigo Bank will cut rates by 100 basis points to 6.80%t, and non-bank lender Aussie Home Loans will cut rates by 100 basis points to 6.65%
These latest cuts mean that home owners with a $250,000 mortgage will save between $150 and $200 per month on mortgage repayments.
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