Banks continue to turn their backs on riskier home loans, as the value of new interest-only and low doc loans hit record lows, according to APRA data released today.
Australia’s low rate lenders are battling it out with variable rates now tumbling as low as 3.09 per cent.
HSBC, Bankwest, AMP and Bendigo Bank are among 14 lenders to cut home loan interest rates since the last RateCity.com.au update yesterday.
ING, Bank of Queensland, Virgin Money, Qudos Bank and Newcastle Permanent have moved their variable interest rates since the last RateCity.com.au update yesterday.
A growing number of banks have decided not to pass on the full 0.25 per cent RBA rate cut.
The RBA has finally taken the plunge, cutting the cash rate to a new low of 1.25 per cent.
RateCity.com.au expects the Reserve Bank to cut rates tomorrow and then again as early as August.
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Greater Bank has announced it will slash its 1-year fixed home loan for owner-occupiers paying principal and interest by 0.50 per cent to 2.99 per cent.
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