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.
Collections: Mortgage News