 Wizard rate cut
Wizard Home Loans will cut variable home loan rates by 75 basis points. The standard variable rate will fall to 7.74 per cent as of 19 November for new customers. Existing customers will wait until 27 November to see the cuts to their mortgage rates.
The Reserve Bank of Australia cut official interest rates by 75 basis points on 4 November, in a move that followed two previous rate cuts in September and October. All major banks passed on part of the rate cuts but not the full 75 basis points.
St George and NAB cut rates by 62 basis points, the Commonwealth Bank of Australia cut variable home loan rates by 58 basis points. Westpac and ANZ moved to cut their standard variable mortgage rates by 0.65 per cent, 0.58 per cent respectively.
The latest round of cuts mean a saving of around $120 per month on a $250,000 mortgage.
A statement on the Wizard Home Loan website says: "We are pleased to pass on such a significant saving to our customers and remain committed to providing competitive pricing to Australian borrowers."
Most lenders have also cut the rate for fixed rate home loans.
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