Newspaper article The Observer (Gladstone, Australia)

More Lenders Planning to Lower Interest Rates; Borrowers Advised to Look around for Better Deal

Newspaper article The Observer (Gladstone, Australia)

More Lenders Planning to Lower Interest Rates; Borrowers Advised to Look around for Better Deal

Article excerpt

MORE than a quarter of lenders have now made interest rate cut announcements, including all four major banks, according to finder.com.au.

Finder.com.au money expert Michelle Hutchison said while this was true, just one of the 30 lenders had passed on the rate cuts to existing and new customers so far, which was BankVic, with an effective date of February 9

"Loans.com.au was first to drop its rate for existing customers with its rate-linked home loan, while cuts for other borrowers will take effect on February 23," she said.

"So most borrowers won't receive a rate reprieve until February 22 on average, which means it will be in next month's statement."

Ms Hutchinson said the latest to make a rate cut announcement was Aussie, which followed the pack and will drop its variable home loan rates by 0.25%, effective February 23.

"With all lenders so far passing on at least the full 0.25 percentage point rate cut, we estimate that by next month there will be 158 variable rate home loans under 4. …

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