Established in February 1992, Aussie Home Loans provides finance for many different types of loans, from personal loans, car loans, credit cards, home insurance and home loans.
Following the Reserve Bank of Australia announcement on November 4 to cut official rates by 75 basis points, non-bank lender Aussie Home Loans dropped its standard variable mortgage interest rate by 40 basis points This latest cut comes on top of last weeks 50 basis point reduction. The rate change is effective for new and existing borrowers already.
The mortgage broker also announced it was reducing its basic variable rate for first homebuyers to 6.99 per cent.
The official cash rate is now at 5.25% with many economists predicted further cuts in the coming months. If the reductions are passed on in full to home owners, the housing market may experience a much needed boost in 2009.
Aussie Home Loans founder John Symond hopes the latest round of cuts will help to increase competition in the home loan market.
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