SUNCORP-Metway has announced their standard variable mortgage will fall by 10 basis points. The move follows Tuesday's decision by the Reserve Bank to cut official interest rates by 25 basis points.
Its standard rate will fall to 5.80 per cent from April 20, after the central bank this week cut its base rate to a 49 year low.
Suncorp executive general manager Tim Buckett said historically low interest rates are good for borrowers.
"Our lenders are still seeing strong interest in the first home buyers market and increasing interest from investors,'' he said. "There's been increasing speculation as to whether the First Home Owners Boost will be extended after June, so this rate reduction may encourage those who are wavering to take the plunge.''
Most of the big banks - ANZ, Commonwealth, Westpac and St George - have cut rates also by 10 basis points 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.
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