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Non-majors cut rates - Jun 2012

by Staff Reporter7 minute read
The Adviser

Staff Reporter

ING DIRECT has become one of the first lenders to move on rates.

The bank cut its variable home loan rate by 0.20 per cent following a 25 basis point cut from the Reserve Bank of Australia (RBA) on Tuesday.

ING DIRECT's most popular home loan, the Mortgage Simplifier, will have a new rate of 6.22 per cent per annum.

The announcement makes ING DIRECT the second bank to move, after Bank of Queensland (BOQ) also slashed 20 basis points from their standard variable rate.

BOQ moved within half an hour of the RBA's announcement earlier this week.

All of the majors are yet to make their rate announcements, with many industry pundits predicting the banks will wait to see what ANZ does at its monthly board meeting.

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