IMB has sliced nine basis points off its one-year fixed home loan interest rate, decreasing it to 4.79% (comparison rate 5.41%).

The new rate applies for loan amounts less than 90% of the property value.

Your Mortgage’s home loan calculator shows the reduction will save customers about $17 a month for a loan of $350,000, on a loan term of 20 years, compared to the previous rate.

For loan amounts greater than 90% of the property value, the one-year fixed home loan interest rate has also dropped by nine basis points to 4.99% (comparison rate 5.43%).

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