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The banks which have dropped their mortgage rates
A few popular lenders have lowered their interest rates in the last few days, as rate changes which are out of cycle with the Reserve Bank’s moves continue.
Effective for new loans as of Friday, 7 March, NAB has dropped its interest rates on its Tailored Home Loan package for owner occupiers. It’s has decreased rates to 3.79 per cent for principal and interest loans and 4.34 per cent for interest-only loans.
NAB has also dropped it fixed rates for investors in its Tailored Home Loan package, down to 3.99 per cent for principal and interest loans, and 4.18 per cent for interest-only loans.
This follows moves by Adelaide Bank, which repriced its owner-occupier and investor home loans products for new business last week.
For owner-occupied mortgages with a loan-to-value ratio (LVR) of less than 90 per cent, Adelaide has reduced rates on its SmartFit and SmartSaver products by up to 34 basis points, with rates now starting from 3.87 per cent.
The lender has also dropped fixed rates on its SmartFix owner-occupied product by up to 20 basis points, with rates now starting from 3.79 per cent.
The biggest reductions, however, are to Adelaide Bank's investor home loan products, with the bank cutting rates on both its SmartFit and SmartSaver products by up to 92 basis points.
Further, Teachers Mutual Bank and its subsidiary brands, UniBank, Firefighters Mutual Bank, and Health Professionals Bank, have repriced their fixed rate home loan offerings. All reductions are effective from Thursday, March 6 and include reductions of up to 50 basis points on both investor and owner-occupied home loans.