Borrowers hoping for a sweeter deal on interest rates for new home loans are bound to consider IMB banks lower rates which were introduced August 24.

Decreased interest rates were implemented across almost all owner occupier variable rate loan offerings. For new mortgages with less than 80 per cent loan to value ratio and the borrower making a deposit of more than 20 per cent, an interest rate of 3.64 per cent is offered under the Accelerator Home Loan of $300,000 or more. It previously carried a 3.74 per cent interest rate.

Meanwhile, ten basis points have been shaved off the interest rates of all other variable rate home loans with the Introductory Variable loan carrying a 3.99 per cent interest rate and the Discount Split home loan at an interest rate of 3.64 per cent.

For a new home loan with less than 90 per cent loan to value ratio and the borrower making a deposit of more than 10 per cent, the interest rate for a budget home loan remains unchanged at 4.10 per cent. The interest rates for the Introductory Variable loan, Discount Split home loan, Standard Variable home loan are the same as those offered to borrowers with less than 80 per cent loan to value ratio with a deposit of more than 20 per cent.

For a new mortgage with more than 90 per cent loan to value ratio and a deposit of less than 10 per cent, the interest rate remains unchanged for the Budget and the Essentials home loan. The Introductory Variable loan, Discount Split home loan, Standard Variable home loan carry the same interest rates as those offered for new mortgage loans with less than 80 per cent loan to value ratio and a deposit of more than 20 per cent.

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