TASMANIAN building society B&E has also cut standard variable home loan rates by 10 basis points.
The move follows that of the big banks - ANZ, Commonwealth, Westpac and St George - to cut rates following Tuesday's official rate cut from the Reserve Bank. The RBA moved to cut the cash rate by 25 basis points, down to 3 per cent.
National Australia Bank has not passed on any of the rate cut to home owners.
B&E Personal Banking chief executive Paul Ranson said that the revised rates would apply from April 17 for new loans and from May 1 for existing loans.
"As a member owned financial institution, we continue to be committed to keeping our rates as low as possible and providing value for members as opposed to profit for shareholders.
"With this latest cut, B&E's variable rates remain very competitive with the major trading banks and ensures that Tasmanians have a real alternative to access highly competitive home loan products from a financial institution that is Tasmanian owned and operated," Mr Ranson said.
Its revised variable rate for owner occupied and residential investment housing loans is now 5.67 per cent and compares to the major banks where the variable rate ranges from 5.64 per cent to 5.81 per cent.
B&E has more than $500 million in assets, 40,000 clients, nine branches statewide and 90 employees.
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