IMB has sliced nine basis points off its one-year fixed home loan interest rate, decreasing it to 4.79% (comparison rate 5.41%).

The new rate applies for loan amounts less than 90% of the property value.

Your Mortgage’s home loan calculator shows the reduction will save customers about $17 a month for a loan of $350,000, on a loan term of 20 years, compared to the previous rate.

For loan amounts greater than 90% of the property value, the one-year fixed home loan interest rate has also dropped by nine basis points to 4.99% (comparison rate 5.43%).