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Aussie rate cut ‘throws down gauntlet’ to big banks

by Staff Reporter9 minute read
The Adviser

Aussie Home Loans said it has “thrown down the gauntlet to other major lenders” by reducing some of its rates to record lows.

The group has lowered its Select Basic Variable rate, standard variable rate and line of credit loans to their “lowest variable carded rate ever”.

The rate for loans under $500,000 has been cut from 4.88 per cent to 4.84 per cent, while the rate for loans between $500,000 and $1 million has fallen from 4.79 per cent to 4.74 per cent.

Loans above $1 million have also been reduced from 4.79 per cent to 4.69 per cent.


This is a temporary offer for July and applies to borrowers with LVRs no higher than 80 per cent.

The rates include a free online redraw facility, no ongoing fees and a waiver of the $100 settlement fee.

Chief executive Ian Corfield said Aussie was continuing to challenge the major lenders.

“These rates match or beat the lowest advertised variable rates offered by Aussie’s panel of up to 19 lenders, including the big banks, and they’re available to all borrowers including first home buyers, next home buyers, refinancers and investors,” he said.

Aussie claims to have 860 brokers and to settle more than $1 billion of loans per month.

[Related: Aussie named country’s best brokerage]

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