Home loan lender Pepper cuts rates by 0.65%

Last week the Mozo team carefully watched the home loan market to see whether the banks would pass on the full RBA 25 basis point rate reduction.

Out of the big four, ANZ was the only major to cut by the full 0.25%. However, a range of smaller providers were quick to pass on the full rate cut across their variable home loan rate products, including ING DIRECT, ME Bank and bankmecu.

According to Broker News, one smaller lender has taken things a step further by not only passing on the full 0.25% rate cut, but more than doubling it to 0.65% across its prime, near prime and specialist home loan products.

This rate reduction brings the lender's rates to as low as 4.24% (comparison rate of 4.43%) for full doc and is the third round of reductions the lender has made in 2015.

“This demonstrates that we remain dedicated to providing competitive and flexible home loan products to brokers and their clients,” Pepper’s sales director Mario Rehayem told the website.

Home loan comparisons on Mozo - rates updated daily

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    1.99% p.a. variable
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    Variable Home Loan

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    1.99% p.a. variable
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    2.09% p.a.
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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