Direct has cut the variable rate for its Orange Advantage home loan below 4% on new owner occupier lending.
Effective 1 September through to 31 October, the variable interest rate will be reduced to 3.99% (comparison rate 4.19%) on new principal-and-interest owner occupier lending with than LVR less than or equal to 80%.
The non-major lender, who has a mortgage book of $38 billion, has also removed the minimum loan size of $500,000 as part of this offer.
Last week, AMP
reduced variable and fixed home loan rates for new owner occupier customers. The non-major’s Essential Home Loan was reduced to 4.09%, down from 4.20%, while the Basic variable was reduced to 4.19%, down from 4.50%. The Basic two year fixed rate loan was also reduced to 4.18%, down from 4.55%.