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Challenger Mortgage Management (Challenger) has kept pace with other major lenders announcing yesterday that it would pass on the 1 per cent RBA February rate cut to its full doc customers.
Low doc borrowers will receive a 0.80 per cent reduction to their rate.
Steve Weston, Challenger’s general manager of distribution, broker platforms and lending, said the group was in a position to pass on the full 1 per cent to its full doc customers and had delivered the maximum to low doc borrowers that the current market would permit.
“Funding costs for low doc loans are still much higher than for full doc products and Challenger has passed on the maximum possible given the current funding environment”.
The rate cuts are applicable to all new and existing business. The cuts come into effect today for new business; existing customers will receive the reductions on February 23.
