Lender drops rates by up to 45bps

by Julia Corderoy02 Aug 2016

Mutual lender Newcastle Permanent has dropped home loan interest rates by up to 45 basis points ahead of the Reserve Bank’s monetary policy meeting today, in which is widely expected to announce a cash rate cut.

Newcastle Permanent has reduced its two-year year fixed home loan rate by 5 basis points, its three-year fixed home loan rate by 10 basis points and its four-year fixed home loan rate by 45 basis points. 

All rates are now under 4% with the new two, three and four-year fixed rates advertised at 3.69%, 3.79% and 3.94%, respectively. 

All new rates are effective Monday 1 August.