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Aussie Home Loans has undercut the big banks by reducing its Select Basic Variable rate to all-time lows.
Loans under $500,000 have been cut from 4.84 to 4.79 per cent, while loans between $500,000 and $1 million have fallen from 4.74 to 4.69 per cent.
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It followed another rate change earlier this month, when the price of loans above $1 million fell from 4.69 to 4.64 per cent.
All these rates apply only to loans with a maximum LVR of 80 per cent. They include a free online redraw facility and no ongoing fees.
Aussie executive chairman John Symond said he expected strong demand from borrowers for the new rates.
“Our new rates are the lowest Aussie Select Basic Variable rates we have ever offered and they beat the lowest advertised variable rates offered by the big banks,” he said.
“They are available to all approved borrowers, including first home buyers, next home buyers, refinancers and investors.”
The latest changes come after Aussie made temporary cuts to its Select Basic Variable rates in July.
[Related: Aussie settlements grow by 18pc]
