More Australian lenders have followed major banks Commonwealth Bank and Westpac, by introducing lowered rates.
Yellow Brick Road Holdings Limited is set to cut its Empower range of home loans by 25 basis points, which will give customers a new variable rate of 4.38% per annum on the Rate Smasher home loan.
This is the lowest variable rate the lender has offered. YBR’s Empower Home Loan is also down to a variable rate of 4.64% per annum.
Meanwhile, St George Bank, Heritage Bank and Bank of Melbourne are all cutting their variable rates by 25 basis points.
St George will move its rates from 5.99% to 5.74% per annum, while Heritage Bank’s special Discount Variable rate is set at 4.34%. Heritage’s special Standard Variable rate will be pinned at 4.64%.
Other lenders following the downward rate trend are Bank of Melbourne and Mortgage House Australia.
BOM’s standard variable home loan rate will go from 5.90% to 5.65% per annum, while Mortgage House’s rate for its Advantage Home Loan Product Range is dipping to 2.25% - the lowest since August 2013.
To discover how the new rates will impact your home loan, click here
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