More non-major lenders have joined the rate cut frenzy following the Reserve Bank’s rate cut to 1.5% last week.
ING Direct will reduce its Orange Advantage variable home loan rates for new and existing customers by 0.12%, effective Monday 15 August 2016.
This will see the Orange Advantage owner occupier loan reduced to 3.67% while the investor loan will be reduced to 4.12%.
All other variable home loan rates will reduce by 0.10% effective Monday 15 August. ING’s commercial variable loan rates will also reduce by 0.10%.
CUA will also lower its standard variable rate by 0.12%, effective 18 August. Owner occupiers will be offered a variable rates of 4.69% and investors will be offered a rate of 5.10%.
Bendigo Bank will decrease its residential mortgage variable interest rate by 0.10% to 5.38%, effective 29 August.
Finally, QBANK announced it will reduce variable rate home loans by 0.15%, effective 19 August.