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Two banks slash rates below 4%

by Huntley Mitchell7 minute read
The Adviser

One non-major bank is now offering a fixed home loan rate below 4 per cent, while the other has reduced its variable rates by more than 20 basis points.

Effective today, Greater Bank’s five-year fixed rate for its Ultimate Home Loan product has been cut by 25 basis points to 3.99 per cent (with a 4.48 per cent comparison rate) for owner-occupiers with loans worth more than $150,000 and a maximum LVR of 85 per cent.

The bank’s four-year fixed rate has also dropped by 25 basis points to 3.99 per cent (with a 4.49 per cent comparison rate), while its three-year fixed rate has been reduced by 10 basis points to 3.99 per cent (with a 4.51 per cent comparison rate).

Greater Bank’s rate changes come after it reduced its variable rate home loans by 25 basis points and introduced a special variable owner-occupier loan for new customers borrowing more than $150,000 and with a maximum LVR of 80 per cent.

Meanwhile, MyState Bank has cut its variable rates for owner-occupiers and investors by 23 basis points for new loans, effective 30 May.

Furthermore, the bank’s new variable rate loans for owner-occupiers and investors with an LVR of less than 80 per cent will be reduced by 23 basis points, effective tomorrow.

As a result of these changes, MyState’s Special Residential Home Loan for new owner-occupier customers will fall to 3.99 per cent for loans over $100,000 with an LVR of less than 80 per cent.

[Related: Firstmac to pass on full rate cut]

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