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Heritage Bank has stunned the market for the second time in three months with another ultra-low rate.
The mutual has reduced its discount variable home loan rate from 4.69 per cent to 4.39 per cent. This applies to loans greater than $150,000 and with a maximum LVR of 80 per cent.
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Heritage has also reduced its standard variable home loan rate from 4.99 per cent to 4.69 per cent.
Both rate cuts are temporary specials, although an end date has not yet been decided.
They come on top of Heritage's offer to waive application fees of up to $600 on discount variable and standard variable loans until December 25.
These latest rate cuts follow Heritage's decision in August to reduce its one-year fixed rate to 3.99 per cent.
Chief executive John Minz said that Heritage's status as a customer-owned bank means that it is more concerned about the interests of borrowers than shareholders.
"We believe we offer the best overall package of rates, fees and services to borrowers," Mr Minz said.
"In fact, we don't think any competitor in Australia is currently offering a better variable rate than the 4.39 per cent now available on our discount variable loan."
