Lender cuts rates by up to 45 basis points

Staff Reporter Monday, 1 Aug 2016 1 minute read

One Australian mortgage provider has today announced rate reductions on a number of home loan products.

As the Reserve Bank Australia prepares to decide whether or not to cut the official cash rate tomorrow, Newcastle Permanent has come out with a sharp set of fixed-rates for its home loan customers.

The lender’s four-year fixed-rate home loan has been cut by 0.45 per cent to 3.94 per cent (4.7 per cent comparison rate), while its three-year fixed rate has fallen by 10 basis points to 3.79 per cent (4.75 per cent comparison rate).

Newcastle Permanent has also reduced its two-year fixed rate by 0.05 per cent to 3.69 per cent (4.83 per cent comparison rate).

All changes are effective from today.

[Related: ING Direct cuts home loan rates]

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James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.