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%).

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