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Wizard Home Loans is the first lender in seven years to cut its standard variable lending rate.
As of today, the non-bank lender’s variable rate will fall by 25 basis points from 9.54 to 9.29 per cent, News Limited reported.
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The announcement comes just before the Reserve Bank is tipped to cut the official cash rate at its September meeting tomorrow.
Wizard chairman Mark Bouris said the move signalled the return of competition in the banking sector.
"The banks have been slowly increasing their profit margins, but this will bring them back in line," he said.
"It's a risk, but we are cutting rates now because the cost of funding our mortgages has fallen, irrespective of the cash rate, and it is only fair that we pass that saving on to our customers," he said.
Published: 1-09-08
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