Home Loan Interest Rates down 0.25%

Update: ANZ reduces its variable mortgage rates by 0.25% and in a surprise NAB reduces rates by 0.20%. Despite not passing on the full interest rate cut NAB still has the lowest standard variable rate amongst the big four banks.

As predicted interest rates were reduced by 0.25% yesterday giving borrowers a reprieve before Christmas. The rate reduction meet instant reaction from Westpac and Commonwealth Bank announcing that they will pass on the full rate cut. ANZ and NAB have not made announcements but we expect them to do the same. NAB may even go even further since they have been the most aggressive amongst the big four in keeping interest rates lower than its competitors.

The recent rate reduction means that the average mortgage holder will save approximately $700 to $800 annually on interest repayments. Fixed rates still remain below most variable rate loans and there are some good bargains out there. Some economists are predicting further cuts but it seems rates will be on hold until after Christmas unless a major economic catastophy happens.

To see indicative home, investment and commercial loan rates please visit our main site Smart Search Finance. These will be updated in the coming days as lenders pass on the rate cut.

Smart Search Finance has a network of  ASIC licenced Mortgage Brokers that are experts in home, investment and commercial loan solutions. All of our brokers deal with the major banks as well as many other lenders.  They can help you compare loans, negotiate better interest rates and find loans that you may never have considered.

Please complete the form below if you would like to speak to one of our brokers in your local area.

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