One specialist lender has cut more than 100 basis points from some home loan products.
Pepper has cut rates by up to 101 basis points from its Flexi Advantage jumbo product, with rates now starting at 6.54 per cent. LVR extends to 55 per cent and the mortgage risk fee starts at 1 per cent of the loan amount.
Pepper has also made rate cuts of up to 30 points across its Pepper Advantage and Pepper Easy product suites for LVRs of up to 70 per cent.
Full-doc non-conforming home loans start at 6.19 per cent, with the mortgage risk fee starting at 0.50 per cent of the loan amount.
Alternative document non-conforming loans start at 6.54 per cent, with the mortgage risk fee starts at 0.65 per cent of the loan amount.
Pepper’s director of sales and distribution, Mario Rehayem, said the rate cuts show Pepper’s diverse funding strength and commitment to flexible and competitive home loan products.
“Pepper continues to deliver on its title of Australia’s best specialist lender by providing a compelling service offering for clients who are unable to meet the credit criteria of mainstream lenders and mortgage insurers,” he said.
Meanwhile, ANZ decided not to change its variable interest rates for retail home loans following its April review.
The bank’s standard variable home loan rate remains at 5.88 per cent.