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Home loan war heats up with rates under 2 per cent – Sydney Morning Herald
The best home loan deals are targeted at new customers who have big deposits, such as those refinancing who have built equity in their properties.
Sally Tindall, director of research at RateCity.Credit:
The Reserve Bank of Australia (RBA) cut official interest rates to just 0.25 per cent in March in response to the coronavirus crisis.
However, many lenders did not initially pass on that cut to their existing variable interest rate home loan customers.
In the months since then, lenders have been competing aggressively on price as their funding costs fall to historic lows.
Reserve Bank figures for May show the average interest rate on bi…
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