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.
- See the full list of providers that have passed on the RBA rate cut in our naughty or nice table.
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.