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The interest rate wars have continued, with Homeloans announcing its second round of cuts in a week.
Homeloans has reduced its Classic variable product by five basis points.
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The loan is now available at 4.79 per cent up to 80 per cent LVR and 4.84 per cent between 80 and 90 per cent LVR.
Homeloans has also reduced its Ultra fixed-rate product.
The discounted rate has fallen from 4.84 to 4.79 per cent over two years, from 4.93 to 4.79 per cent over three years, from 5.44 to 4.99 per cent over four years and from 5.76 to 4.99 per cent over five years.
These discounted rates apply to ‘combo loans’, where up to 50 per cent of the loan is fixed and the remainder is variable and the LVR is less than 80 per cent. A 0.10 per cent loading applies to loans between 80 per cent and 90 per cent LVR.
The non-bank lender has also lowered the rates on its Optima product.
The one-year rate has fallen from 4.88 to 4.78 per cent, the two-year rate has fallen from 4.88 to 4.83 per cent, the three-year rate has fallen from 5.28 to 4.98 per cent, the four-year rate has fallen from 5.68 to 5.28 per cent and the five-year rate has fallen from 5.88 to 5.38 per cent.
This round of rate cuts comes after Homeloans announced a cut of 18 basis points on its MoniPower two-year and three-year rates.
General manager of national sales Ray Hair said the rate cuts show Homeloans’ commitment to providing brokers with a broad range of compelling loan options.
[Related: Ray Hair joins Homeloans]
