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As for old home loan borrowers, they still have to pay a higher rate on their home loans. "Even today there are some old borrowers who are paying an interest rate of 12.5% on their housing loan. But today a new borrower can get a housing loan even at 10.5-11%, which is 1.5-2% cheaper," says VN Kulkarni, chief counsellor with the Bank of India-sponsored Abhay Credit Counselling Centre.
June rate cut: 25 basis points for all variable P&I home loan customers (0.25% points) New lowest advertised variable rate: 3.49% p.a. (3.51% comp rate*) for OO P&I borrowers with up to 80% LVR Other info: No confirmation of rate cuts for other home loans yet.
For example, ING, which has about 2.6 per cent of the mortgage market, is reducing variable interest rates on investment loans by about 5 basis points to 4.64 per cent for loans of at least.
"ING’s rate cuts are a sign they are looking to grab a larger slice of the mortgage market so they are targeting those premium borrowers with some really sharp rates." UPDATE 5/6/19: ING announced today that they will be cutting their standard variable home loan rate by 0.25% for all new and existing customers, following the rba rate cut, effective from 25 june 2019.
More than 10 banks, including National Australia Bank, Suncorp, ING Direct, HSBC and AMP Bank. that their savings rates are cut very, very quickly, while home loan rate cuts are not passed on quite.
Borrowers who are planning to apply for home loans of up to $999,999, can expect the same rate discount. The rate cuts were also applied to ING’s Mortgage Simplifier home-loan range. For instance, borrowers with up to $499,999 home loan balance would enjoy a reduced rate of 3.63%.
"An RBA cut should give existing variable-rate borrowers an opportunity to catch up part of the distance they have fallen off the pace." ING is the only lender to announce reductions to its variable mortgage rates during the latest cycle of changes, with the non-major announcing reductions of 16bps across its Orange Advantage and Mortgage.
Macquarie Bank, ING, and two customer-owned banks are among the lenders that have also now committed to passing on the RBA’s 25 basis point rate reduction to mortgagors, while Suncorp and Virgin Money have reduced rates by just under the full amount. On Tuesday afternoon (4 June), the Reserve.