Westpac today announced that it will reduce its home loan rates by 20 basis points bring its standard variable rate to 8.36 per cent, effective 27 October.
Non-bank lender Homeloans Ltd also announced reductions to its lending rates this afternoon “in response to recent rate reductions made independently of the RBA by the major banks”.
Homeloans’ full docs will fall by up to 26 basis points while interest rates on low doc loans will fall by 30 basis points.
Meanwhile Liberty Financial is the first specialist lender to cut its rates, with an announcement today that it will pass on a reduction of up 0.75% to its customers from October 24.
James Boyle, Liberty’s Chief Operating Officer said, “To be able to pass on some much needed relief to our customers is terrific and we’re certainly hopeful that the downward pressure on funding costs for banks and non-banks will continue.”
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