IMB has cut its variable Budget Home Loan interest rate by 20 basis points to 4.98% (comparison rate 5.15%).

The new rate applies for loans greater than 90% of the property value.

Your Mortgage’s home loan calculator shows the reduction will save first home owners about $33 a month for a loan of $300,000, on a loan term of 20 years, compared to the previous rate.

The interest rate for Variable Budget Home Loans less than 90% of property value has been reduced by 10 basis points to 4.88% (comparison rate 5.05%).

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan