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Mortgage rate price war heats up

Staff Reporter 1 minute read

Lenders are continuing to slash their lending rates outside of the RBA’s monetary policy cycle with Aussie Home Loans the latest to pass on an additional reduction to borrowers.

Over the weekend Aussie cut its standard variable interest rate by 50 basis points to 8.05 per cent.

The reduction followed a 30 basis point reduction just last week on top of a 75 basis point reduction in line with the RBA’s November one per cent rate cut earlier in the month.

Online lender MyRate.com.au announced a 20 basis point reduction to its lending rate on Friday in addition to its 80 basis point reduction at the beginning of the month.

The reduction brings MyRate.com.au’s standard variable to 7.53 per cent.

Published: 27-10-08

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