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One lender has made its fifth rate cut of the year, with reductions in both its fixed and variable rates.
Homeloans announced a reduction in its Ultra Plus two-year fixed rate from 4.89 per cent to 4.84 per cent.
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The MoniPower three-year fixed rate has also fallen, from 5.29 per cent to 5.19 per cent.
In addition, the lender has cut the variable rate on its ProSmart product, from 5.43 per cent to 5.38 per cent.
General manager of sales Greg Mitchell said these “out-of-cycle rate cuts” showed Homeloans’ commitment to providing brokers and clients with competitive products.
“And we don’t rest on our laurels; we continuously monitor our offering, the market and the feedback of brokers and customers to develop innovative solutions designed to benefit both,” he said.
Homeloans has been very active in the market this year. The lender launched a new home loan product called Optima earlier this month and cut up to 91 basis points from its Accelerate range in April.
Homeloans also made three rate reductions in March: it cut up to 15 points from its fixed rates, cut up to 20 points from its MoniPower rates; and cut five points from its Ultra Plus rates.
