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Lender cuts variable rate

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AMP has cut 13 basis points from its Basic Variable Home Loan, taking it to 6.64 per cent.

In addition, the bank has also launched a new Basic Package made up of the Basic Variable Rate Loan with 100 per cent Mortgage Interest Offset Account and a Basic Fixed Rate Loan.

AMP Banking head of sales and marketing Steve Craig said there was an increasing demand for home loans that combined variable and fixed rate loans.

“There are a growing number of customers that want peace of mind against rising interest rates,” he said.

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