Non-bank lender State Custodians cuts variable rates by 25 basis points to 4.99%

Non-bank lender, State Custodians Mortgage Company, has cut the variable interest rate on its peak performance home loan by 25 basis points to 4.99%.

It follows the RBA leaving the cash rate on hold at 3% today.

The 4.99% rate is only available for those borrowers who are refinancing and also requires a hefty minimum 25% deposit.

State Custodians CEO Heidi Armstrong said new borrowers could take advantage of the discounted rate in lieu of the RBA keeping rates on hold today.

“The adjusted rate is expected to top the financial comparison rate charts,” Armstrong said.

“The peak performance loan is one of our most popular products and by cutting the interest rate to 4.99%, we’re making it an even more attractive option.

“The peak performance loan is 100% offset – this helps our customers to further reduce the interest they pay."

State Custodians receives its funding from Resimac.