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Challenger banks cut home loan rates

by Francesca Krakue7 minute read
The Adviser

More non-major banks have announced that they will reduce their lending rates following the RBA’s historic cash rate decision last week.

Effective from 31 August 2016, Bank of Queensland will cut its variable home loan rates for owner occupiers by 0.15 per cent per annum, with rates for investors dropping by 0.10 per cent.

The bank’s three-year fixed rates for owner occupiers and investors will be reduced to 3.59 per cent and 3.79 per cent respectively.

Effective 9 August 2016, BOQ will also increase the return on a range of its term deposit products.

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One-year term deposit rates will increase to 3.05 per cent, with two and three year rates rising to 3.15 per cent and 3.25 per cent respectively.

Meanwhile, ING Direct has decided to reduce its Orange Advantage variable home loan rates for existing and new customers by 0.12 per cent effective Monday 15 August 2016.

All other variable home rates are to be reduced by 0.10 per cent per annum.

Bendigo Bank has also announced that it will decrease its residential mortgage variable interest rate by 0.10 per cent per annum to 5.38 per cent per annum, effective from 29 August 2016 for both new and existing loans.

[Related: Non-majors lead the way with rate cuts]

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