Banks Lower Home Loan Interest Rates

Wed, 2008-10-08 09:47

Following the Reserve Bank of Australia lowering of the cash rate to 6 percent most banks have announced they will be lowering their standard variable home loan interest rates by 0.80 percent.
Borrowers need to be aware there are still variations between many lenders standard variable home loan interest rate. These variations are a result of lenders increasing standard variable home loan interest rates independently of the Reserve Bank cash rate increases and by different amounts earlier in 2008.
Fixed interest rate home loans have been reducing for the past couple of months and had already began to reduce prior to the Reserve Bank lowering the cash rate by 0.25 percent in early September.