 RAMS cuts home loan rates
Rams Home Loans (Rams) is the latest lender to cut home loan interest rates, announcing a 0.60 per cent reduction to their standard variable home loan. The standard loan now has a rate of 7.59 per cent, and the basic home loan is now 6.99 per cent. 
On Tuesday the Reserve Bank of Australia cut the official interest rate by 75 basis points bringing the rate down to 5.25 per cent.
All major banks followed with reductions to their home loans of between 58 and 65 basis points. Home lender Rams sold its brand-name and distribution business to Westpac earlier this year because it was unable to refinance its loans.
None of the banks or lenders have passed on the full RBA rate cut blaming high lending costs, prompting Federal Finance Minister Lindsay Tanner to comment that he feels the RBA would have been aware that the banks were unlikely to pass on the cut in full. This may be why Tuesday's cut was higher than than the predicted 0.50 per cent.
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