Login
ISCOVER
Three more lenders have announced reductions to the standard variable rate (SVR) on their home loan products, but not all have passed on the rate cut in full.
Following the Reserve Bank’s decision to cut the official cash rate by 25 basis points to a record low 1.75 per cent, QPCU will pass on the full 25 basis points cut to its SVR loans for owner-occupiers and investors, effective 23 May.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
QPCU will also reduce its Classic Home Loan discount offer for new business by 10 basis points to 3.97 per cent, with a comparison rate of 4.03 per cent.
Credit Union Australia (CUA) will pass on the full 25 basis points cut to its SVR loans for owner-occupiers, with the new rate to start at 4.81 per cent, effective 19 May. CUA’s standard variable rate for investors will be reduced by 20 basis points to 5.22 per cent.
The credit union also announced rate cuts for its Rate Breaker Package, with the owner-occupier rate to be reduced by 24 basis points to 4.37 per cent and the investor rate to fall to 4.67 per cent, effective 17 May.
Meanwhile, Suncorp Bank reduced its variable rate by 20 basis points for owner-occupiers and by 15 basis points for investors.
The regional bank also reduced its SVR for business loans by 10 basis points.
A total of 15 lenders have now announced reductions to their mortgage rates following the Reserve Bank’s cash rate cut.
[Related: More banks to follow suit with rate cuts]
