 Wizard cuts variable home loan rates
80 basis points seems to be the most that home owners will save on their mortgage loan interest rates this month, with the latest lender, Wizard Home Loans, announcing it is following Australia's big banks and cutting variable rates for new and existing customers. 
As of today, Wizard's standard variable rate loans will drop to 8.49 per cent for new customers, while existing customers will have to wait until next Thursday for their reduction.
Wizard's flagship Rate Breaker home loan product will drop to 7.08 per cent. Wizard chairman, Mark Bouris, said the company was making the rate cut despite it lacking access to lower cost funding through retail deposits.
Following the Reserve Bank, who cut official interest rates one full per cent on Tuesday, all the major five banks had dropped their variable rates by 80 basis points by Wednesday morning. However, there have been some calls for the banks to explain why they are not passing on the full 100 basis point reduction.
Another non-bank lender has also dropped rates, with RAMS cutting their variable home loan rate by 90 basis points yesterday.
Join the discussion on Wizard Home Loans
|