Two more lenders have lowered their standard variable rates (SVR) by 0.25%, following the rate cut announcement by the Reserve Bank of Australia this week.
 
IMB is passing on the full rate cut effective 23 February, with a new SVR of 5.41%. Chief executive Robert Ryan said IMB members would save about $45 per month on a $300,000 loan.
 
Additionally, Bankwest followed suit with a reduced SVR of 5.64% starting 24 February. Both are also cutting their fixed rates.
 
“We’re also reducing rates on our fixed term home loans by up to 0.40% and all new fixed home loan rates will be effective from 10 February 2015,” Bankwest said.
 
Its Complete Home Loan Package, a three-year fixed rate home loan, will decrease by 0.35% to 4.29%.
 
Meanwhile, IMB announced cuts for its highly competitive two, three, four and five-year term fixed rates for loans with an LVR less than 90%, with 1 to 3 years now at 4.49% and 4 to 5 years at 4.65%. The new fixed rates are effective 9 February. 
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now