RAMS passes on full rate cut to borrowers

Mortgage lender RAMS will pass on the full 25 basis points to variable mortgage rate holders.

The lender's standard variable rate will reduce from 6.35% p.a. to 6.10% p.a. (comparison rate 6.17% p.a.) from May 13.

RAMS points out that this rate is lower than the big four banks - 16 points lower than Westpac's 6.26%, owner of RAMS.

“This latest interest rate reduction will bring further financial relief for many Australian mortgage holders who are concerned about uncertainty in the economy and fears of unemployment,” says RAMS chief executive, Melos Sulicich.