Loans.com.au customers will be among the first to benefit from the Reserve Bank of Australia’s decision yesterday to cut interest rates by 25 basis points.
Marie Mortimer, managing director of the online lending site, said the cut would be extended to those who had already applied to borrow for pre-approval.
From today, loans.com.au borrowers can expect savings of almost $50 a month on a loan of $300,000, matching the official interest rate cut.
“We regularly speak with borrowers who are paying more than 1 per cent in interest over the rates they could be getting through an online lender,” Mrs Mortimer said.
Payments at this rate can equal $200 per month in additional interest on a $300,000 loan.
“We see this swift action as testimony to our commitment to provide Australian borrowers an alternative to the major lenders and make a real difference to the mortgage market landscape,” she said.