Lenders act quickly on rate cut

By Your Mortgage
 A number of lenders have made sure they acted quickly on the Reserve Bank’s reduced rate.
 
The Bank of Queensland (BOQ), ME Bank, and ING Direct have all committed to providing the lowest rates possible for homebuyers, with BOQ announcing a cut to 5.76% for variable home loans and 7.25% for business term loans.
 
BOQ customers, however, will have to wait until 24 February to enjoy the low rates.
 
ME Bank’s cut is scheduled to start on 20 February, which will allow customers to benefit from the 5.13% variable rate. ING Direct, the nation’s fifth largest home loan lender, also pledged a 0.25% rate cut.
 
The Commonwealth Bank of Australia and Westpac are the only major lenders that have passed on the rate cut so far. ANZ Bank promises to announce its stand on Friday.