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Non-banks pass on RBA rate cut

by Staff Reporter7 minute read
The Adviser

Staff reporter

Following in the footsteps of the majors, Australia's non-banks look set to pass on the full 25 basis points RBA rate cut.

Late last week, Australian First Mortgage and Liberty Financial both passed on the 25 basis point rate cut in full to their borrowers.

Australian First Mortgage now offers a standard variable rate of 6.49 per cent, while Liberty Financial also boasts a basic home loan rate of 6.49 per cent.

"We are very pleased to be able to pass on the full rate decrease to our customers and ease the pressure on their budgets in time for the holiday season," Liberty's national sales manager John Mohnacheff said.

"With credit growth and consumer confidence both down, this change will create momentum and set the scene for an improved outlook in 2012. By passing on the rate cut Liberty continues its focus of providing customers with competitively priced home loans and great service to help them move a step closer to financial freedom."

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