St George cuts home loan rates
A day ahead of the Reserve’s decision, St George has announced reductions of as much as 76 basis points on various fixed-rate products lasting between one and five years.
However, variable rates remained unchanged.
“Customers can lock in their repayments at a rate significantly lower than the current standard variable rate of 9.67 per cent” claimed Steve Blinkhorn, head of home loans at the bank.
Elsewhere, news.com.au has also reported that ANZ has taken 0.5 per cent off its one-year fixed rate home loan products, while other longer-term loans will also be reduced.
National Australia Bank has also made a pledge to meet any reduction in the rates actioned by the Reserve, while Westpac and the Commonwealth Bank of Australia are yet to announce whether they will follow suit.