A number of lenders have joined the big four in passing on all of this month’s cash rate reduction to borrowers.
RAMS Home Loans announced yesterday that it would reduce its standard variable rate (SVR) by 100 basis points to 5.69 per cent.
This rate undercuts the cheaper of the big four banks – CBA and NAB – who have SVRs at 5.74 per cent.
RAMS’ new rate will be available from Monday 9 February.
NAB Broker also revealed yesterday that Homeside’s variable rate products will drop by 100 basis points from next Friday 13 February.
"In a market where margins are tight and wholesale funding costs remain high, we are pleased to be passing on the full RBA rate cut to benefit both new and existing customers," a NAB Broker spokesperson said.
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