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.