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.
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