Loans.com.au will pass on the cut in full

Australia's largest online lender loans.com.au have announced they will pass on the official rate cut in full. 

Almost half of Australia’s lenders stall on announcing their response to the RBA’s 0.25 percent cut to the official cash rate.

According to a survey from comparison site finder.com.au, 49 percent of the 74 lenders on its database have still not announced their rate changes.

Only 26 have passed on the cut in full and 12 have kept some of the cut for themselves.

Marie Mortimer, loans.com.au managing director was happy to be in the minority of lenders that had quickly let customers know it would be passing on the full cut.

“It is unfortunate that two out of three Australian lenders have either given their customers bad news that they won’t be passing on the full cut or, even worse, are still dragging their heels on revealing their response,” Ms Mortimer said.

“Loans.com.au is very pleased to be able to extend the full rate cut to our customers so they will save money every month on interest and own their home sooner.”

Loans.com.au offers an already low “Move Fast Special” rate which will now drop to a record low 3.63 per cent (comparison rate 4.03 percent).