Newcastle Permanent has announced fixed rate cuts of up to 21 bps for investors, and 10 bps for owner-occupiers, effective as of 9 March 2020.
The cuts are applicable to both new owner-occupier and investment borrowers, and have only been applied to three-year fixed term rates.
Additionally, the rate cuts are applicable for borrowers paying either principal and interest (P&I) and interest-only (IO) repayments.
The three-year fixed rate product changes are as follows:
The three-year fixed rate product changes for investors are as follows:
All other fixed rate term periods remain the same.
This comes following the move from the Reserve Bank of Australia (RBA) to lower the official cash rate by 25 basis points, to a historic low of 0.5 per cent.
In response, earlier this month, Newcastle Permanent announced that it had passed on the full 25 basis point reduction to all standard variable home loan customers.
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
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