loans.com.au announces 0.25% home loan rate reduction following March RBA cut

By Tom Watson · · 2 min read
Fact Checked

Online lender loans.com.au has announced that it will be taking the axe to variable rate home loans following the Reserve Bank’s decision to reduce the official cash rate from 0.75% to 0.50% at its March meeting yesterday afternoon.

Loans wasted no time in announcing its own decision, informing borrowers that it would be reducing variable home loan interest rates by 0.25% for all existing customers just hours after the official RBA decision. 

According to loans.com.au, the rate cut will come into effect on March 26 and it will have an impact on the following home loans. 

  • - Smart Home Loan: Rate will reduce from 2.78% (2.80% comparison rate*) to 2.53% (2.55% comparison rate*) for borrowers with an LVR below 75%. 

  • - Essentials Variable: Rate will reduce from 3.04% (3.06% comparison rate*) to 2.79% (2.81% comparison rate*) for borrowers with an LVR below 90%.  

  • - ZIP Home Loan: Rate will reduce from 3.08% (3.10% comparison rate*) to 2.83% (2.85% comparison rate*) for borrowers with an LVR below 80%.

  • - Offset Variable: Rate will reduce from 3.12% (3.14% comparison rate*) to 2.87% (2.89% comparison rate*) for borrowers with an LVR below 80%. 

The latest decision means that the online lender has now passed on 0.85% out of a possible 1.00% in cuts to its variable rate customers following Reserve Bank moves in June 2019, July 2019, October 2019 and March 2020. 

Ready to find out more about the home loans on offer from loans.com.au? Check out our dedicated loans.com.au home loans snapshot, or check out some of the hottest deals around (including the Smart Home Loan 75) in the table below.