Several lenders have embarked on an aggressive campaign to become more competitive in the Home Loan market by further reducing their Standard Variable Interest Rates. These rate cuts range from 0.20%p.a. – 0.25%p.a. & are in addition to the recent 0.8%p.a. – 0.9% p.a. reduction received following the Reserve Bank’s 1%p.a. rate cut announced in early October 2008.
The major banks are keen to be viewed as the “Good Guys”who are looking after their customers, however, Rams Financial Group (now 100% owned by Westpac) has trumped it’s much larger competitors by continuing to offer a standard variable interest rate of 8.19%p.a. which is 0.17%p.a. below Westpac, St George & NAB and 0.13% below ANZ & CBA whilst Suncorp is lagging 0.22%p.a. behind.
Rams (RFG) also have a Variable Interest Rate Home Loan which is discounted by a further 1%p.a. with a current rate of only 7.19%p.a. (as at 27/10/2008)
These new lower interest rates will become effective with most of these lender on the 27/10/2008 whilst CBA & St George clients will have to wait until the 30th & 31st of October for their rate reductions.
