The eight lenders that have cut variable mortgage rates since the RBA's August meeting

While the RBA held firm on the cash rate in August and September, eight lenders on the RateCity.com.au database have reduced interest rates on a total of 12 variable rate mortgage products.

The rate cuts have been introduced on a range of variable-rate products, including standard variable, basic variable, introductory variable and special variable rate offerings.

Non-bank lenders Hemisphere Financial (backed by Resimac) and Resi Mortgage Corporation have reduced rates on three of their variable-rate products.

Other lenders to reduce variable-rate offerings include Bankwest, credit union ECU Australia and non-bank lender State Custodians.

The rate cuts range from 2 basis points to 25 basis points:

Company

Product

Type

Current Rate

Rate at Aug RBA meeting

Hemisphere
Financial

Alt Doc Loan

Standard Variable

6.49%

6.74%

Hemisphere
Financial

Quickstart Loan

Standard Variable

6.39%

6.64%

ECU Australia

Introductory
Home Loan 1 yr

Intro Variable

5.94%

6.19%

Hemisphere
Financial

Home Loan

Standard Variable

6.09%

6.34%

RESI Mortgage
Corp

FlexiFix Pro Revert

Special/Other Variable

6.06%

6.27%

Bankwest

Mortgage Shredder
Intro Variable 1 yr

Intro Variable

5.78%

5.98%

Rate Busters

Ultimate

Standard Variable

5.82%

6.01%

RESI Mortgage
Corp

FlexiFix Revert

Special/Other Variable

6.06%

6.16%

RESI Mortgage
Corp

FlexiFix 75 Revert

Special/Other Variable

5.96%

6.06%

State
Custodians

Breathe Easy Offset

Basic Variable

5.97%

6.07%

Homestar
Finance

No Fee Offset

Standard Variable

6.05%

6.10%

IMB

Essentials

Basic Variable

5.99%

6.01%

 

Source: RateCity.com.au

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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