Variable interest rate home loans

Looking for a flexible mortgage with a low variable interest rate? Compare offers from 2.19%.

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Home loans with variable interest rates are the most popular and flexible mortgage products in Australia. They typically offer lower exit fees, more flexible repayment options and useful features like offset accounts.

Compare a range of variable mortgages suitable for most Australian borrowers in the table below or learn more about these loans.

Athena Home Loan Offer

Athena Celebrate Home Loan - 60% LVR Owner Occupier, P&I

2.34 % p.a.

variable rate

2.34 % p.a.

comparison rate

Athena Home Loan Offer

Apply for the Athena Celebrate Home Loan - 60% LVR Owner Occupier, P&I and get a low variable interest rate, plus no application and ongoing fees.

  • Interest rate of 2.34% p.a.
  • Comparison rate of 2.34% p.a.
  • Application fee of $0
  • Maximum LVR: 60%
  • Minimum borrowing: $100,000
  • Max borrowing: $2,000,000
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Compare variable rate mortgages from across the market

Data indicated here is updated
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
Athena Celebrate Home Loan - 60% LVR  Owner Occupier, P&I
2.34%
2.34%
$0
$0 p.a.
60%
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
2.29%
2.72%
$0
$8 monthly ($96 p.a.)
95%
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
2.54%
2.56%
$0
$0 p.a.
80%
Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
2.49%
2.49%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
2.59%
2.60%
$0
$0 p.a.
80%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
homeloans.com.au Low Rate Home Loan with Offset - LVR Under 60% (Owner Occupier, P&I)
2.29%
2.31%
$0
$0 p.a.
60%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
St.George Basic Home Loan - LVR above 80% (Owner Occupier, P&I)
2.59%
2.61%
$0
$0 p.a.
90%
Competitive variable rate home loan that is available with a 10% deposit. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Bank of Melbourne Basic Home Loan - Special Offer (Owner Occupiers, P&I) LVR above 80% New customers
2.59%
2.61%
$0
$0 p.a.
90%
Competitive variable rate home loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Tic:Toc Live in 10% deposit Variable Rate - Principal & Interest
2.19%
2.20%
$0
$0 p.a.
90%
Get a very low interest rate and pay no application, settlement or valuation fees. Apply online for full approval in real time and add a 100% offset account for $10 a month.
Virgin Money Reward Me Variable Home Loan - LVR ≤ 60% (<$500k Owner Occupier, P&I)
2.64%
2.81%
$300
$10 monthly ($120 p.a.)
60%
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 November 2020 and settle by 28 February 2021.
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
2.44%
2.38%
$0
$0 p.a.
80%
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
Virgin Money Reward Me Variable Home Loan - LVR ≤ 60% ($500k to $750k Owner Occupier, P&I)
2.55%
2.72%
$300
$10 monthly ($120 p.a.)
60%
$3,000 refinance cashback.
A competitive variable rate loan for owner occupiers with a 40% deposit (or equity). Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 November 2020 and settle by 28 February 2021.
AMP Bank Professional Package Variable Rate Home Loan - $100,000 and above, LVR ≤ 80% incl. LMI (Owner Occupier, P&I)
2.59%
3.00%
$0
$349 p.a.
80%
Get a sharp rate with no application or settlement fee, a redraw facility and 100% offset account. Other fees and charges apply.
Athena Evaporate Home Loan - 60% to 70% LVR  Owner Occupier, P&I
2.39%
2.36%
$0
$0 p.a.
70%
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
Virgin Money Reward Me Variable Home Loan - LVR ≤ 60% ($750k+ Owner Occupier, P&I)
2.55%
2.72%
$300
$10 monthly ($120 p.a.)
60%
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 November 2020 and settle by 28 February 2021.
homeloans.com.au Low Rate Home Loan with Offset - LVR 60% to 80% (Owner Occupier, P&I)
2.39%
2.41%
$0
$0 p.a.
90%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
ANZ Simplicity PLUS Home Loan - LVR ≤ 80% Special Offer Discount (Owner Occupier, PI)
2.72%
2.76%
$0
$0 p.a.
80%
Get a low variable rate from a ANZ and save money with $0 application or ongoing fees. Requires a 20% deposit.
ING Mortgage Simplifier Home Loan - $1M+ (LVR ≤80% Owner Occupier, P&I)
2.45%
2.48%
$0
$0 p.a.
80%
This basic owner occupier home loan keeps rates and fees low.
IMB Budget Home Loan - Special LVR  ≤90% (Owner Occupier, P&I, NSW and ACT borrowers only)
2.78%
2.84%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
Macquarie Bank Basic Home Loan - LVR ≤ 60% (Owner Occupier, P&I)
2.49%
2.49%
$0
$0 p.a.
60%
A competitive variable rate home loan for owner-occupiers. Requires a 40% deposit.
G&C Mutual Bank Momentum Home Loan - LVR <50% (Owner Occupier, P&I)
2.55%
2.57%
$0
$0 p.a.
A variable rate loan for owner-occupiers looking to refinance. This loan has low fees and a 100% offset account.
homeloans.com.au Low Rate Home Loan with Offset - LVR 80% to 90% (Owner Occupier, P&I)
2.74%
2.76%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
Macquarie Bank Basic Home Loan - LVR ≤ 80% (Owner Occupier, P&I)
2.64%
2.64%
$0
$0 p.a.
80%
Pay no application and ongoing fees and take advantage of split and redraw options.
Bank of Melbourne Basic Home Loan - Special Offer (Owner Occupiers, P&I) LVR above 60% up to 80%
2.54%
2.56%
$0
$0 p.a.
80%
Up to $4,000 refinance cashback
A competitive variable rate loan from Bank of Melbourne. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
Macquarie Bank Basic Home Loan - LVR ≤ 90% (Owner Occupier, P&I)
3.04%
3.04%
$0
$0 p.a.
90%
Borrow up to $750K with an LVR ≤ 90% and pay no application fee.
HSBC Home Value Loan - Promotional Offer LVR 90% (Owner Occupier, P&I)
2.69%
2.70%
$0
$0 p.a.
90%
A competitive value home loan with no ongoing fee.
BankSA Basic Home Loan - Owner Occupier, P&I
2.54%
2.56%
$0
$0 p.a.
80%
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply).
CUA Achieve Variable Home Loan - $500k+ (Owner Occupier, P&I)
2.55%
2.60%
$600
$0 p.a.
95%
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs. Eligible refinancers can get a $2,000 pre-paid credit card when they switch to CUA.
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
2.68%
2.69%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.
Pepper Money Essential Prime Full Doc Home Loan - LVR >75% up to 80%
3.09%
3.29%
$599
$10 monthly ($120 p.a.)
80%
This is a competitive, flexible variable rate suitable for borrowers with a good credit history. Borrow up to 80%.
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer Discount 1 ($150k+ Owner Occupier, P&I)
2.94%
3.34%
$0
$395 p.a.
95%
$2,000 refinance cashback
New borrowers or refinancers can get a discounted rate with this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
AMP Bank Essential Home Loan  -  $100,000 and above (Owner Occupier, P&I)
3.34%
3.37%
$0
$0 p.a.
90%
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
UBank UHomeLoan Variable Rate - The Real Reward Offer Owner Occupier Interest Only
3.03%
2.70%
$0
$0 p.a.
80%
A competitive discounted variable rate home loan. 0.33%p.a. Discount Offer for new Owner Occupier Loans.
Newcastle Permanent Building Society Premium Plus Package Home Loan - Tier 1: below $500k (Owner Occupier, P&I)
3.77%
4.15%
$0
$395 p.a.
95%
$2,000 refinance cashback
No application fee and 100% offset account. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
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Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

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Lowest variable owner occupier rates for November 2020

These are the lowest variable rates in our database for September, with minimum deposit sizes of 20% or lower. There may be lower rates on the market.

How do variable home loans work?

A woman seated at a desk talking on her phone.A home loan with a variable interest rate can rise or fall whenever the lender decides to raise or lower it. This is the opposite of a fixed rate, which by definition remains the same during a set period of time.

Lenders raise or lower their rates depending on various factors, such as their funding costs (where they get the money to cover mortgages), a desire to be competitive or changes to the official cash rate.

Despite this potential volatility, variable rate mortgages don't usually change all the time. And while a rate increase means your repayments rise, a rate drop means your repayments get cheaper.

How does the RBA cash rate affect variable rate loans?

Every month (except January) the Reserve Bank sets the official cash rate. This rate affects the funding costs of variable home loan interest rates. If the rate rises, you can expect lenders to increase their variable rates. If the rate falls, most lenders will pass on some (or all) of the cut to their variable rate customers.

In 2019, the RBA cut the cash rate three times, in June, July and October and then it cut twice in March 2020. Each cut was 25 basis points (or 0.25%). This meant big savings for variable borrowers, with some lenders passing on close to the full 25 basis points each cut.

In 2010, however, the Reserve Bank raised the cash rate four times, which meant many variable borrowers found their interest rates a full 100 basis points higher by December.

Why should I consider a variable rate home loan?

While variable rates can change any time, there are several reasons many borrowers prefer them. This mainly comes down to flexibility and features.

Quick facts: Fixed and variable rates

  • The lowest variable rate available on Finder right now is 2.19%.
  • The lowest fixed rate available on Finder right now is 2.09%.
  • Variable rate mortgages are more likely to have offset accounts and redraw facilities.
  • Refinancing a fixed rate loan comes with higher costs.

However, every individual loan is different. Though less common, it's possible to find a fixed rate loan with low fees and an offset account. And fixed rate loans are currently some of the most competitive on the market.

To see how the lowest variable rates stack up against the lowest fixed rates, check out our cheap home loan rates page. Every month we scour Finder's mortgage database and create a list of the 10 lowest fixed and variable loans.

Read more on fixed versus variable rates

The split rate option

Australian borrowers don't have to pick between variable and fixed. Many lenders allow you to split your loan into fixed and variable portions. You can divide your loan amount into equal fixed and variable portions, or in any proportion you choose.

Splitting lets you enjoy the stability benefits of a fixed rate and the flexibility of a variable rate. It's a little complicated, but your lender or a mortgage broker can help you calculate the best split for you.

What should I look for in a variable rate loan?

When comparing variable interest rate mortgages, you should obviously look at the interest rate first. A lower rate means lower repayments.

Here's a quick example using the same loan amount but with a 31 basis point difference in the rate:

DetailsHigher rateLower rate
Loan amount$400,000$400,000
Loan term30 years30 years
Interest rate2.50%2.19%
Monthly repayments$1,580$1,516
Savings (monthly)N/A$64
Savings (yearly)N/A$768
Savings (30 years)N/A$23,040

You can use a repayment calculator to see the difference between various rates, or check the repayment column in the loan table above.

Features

A variable loan's features can be useful, if you use them. For example, if you have extra savings, you might want a loan with an offset account so you can save cash and minimise your interest payments.

If you don't need this feature, you can look for a loan without it, which might have a lower interest rate.

Fees

A variable rate home loan can come with a range of fees. If the loan works for you and the interest rate is low, a few fees aren't so bad. But if you can avoid fees, then why pay more?

Compare more home loan options here

More guides on Finder

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

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20 Responses

  1. Default Gravatar
    KeithOctober 4, 2019

    We have a current Reverse Mortgage with Bankwest which was established several years ago. Can you tell me what the current rate is we would be incurring and if it is a Variable Rate and any hidden charges involved.

    • Default Gravatar
      NikkiOctober 6, 2019

      Hi Keith,

      Thanks for getting in touch! It is helpful to know that while we compare variable rate home loans on our page, we do not have the actual current rate is per lender and in this case, Bankwest. It would be best to get in touch with your preferred lender to obtain more information on monthly repayments.

      Hope this clarifies! Feel free to reach out to us again for further assistance.

      Best,
      Nikki

  2. Default Gravatar
    NHAugust 30, 2018

    I am wanting to consolidate all my outstanding into my home loan. I also want to change my financial institution to have a better lower interest rate. Also will it be better to have variable or fixed with what I am wanting to do? Please can you help?

    Thanks

    • Avatarfinder Customer Care
      JoshuaAugust 30, 2018Staff

      Hi NH,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Let me address your concerns one by one.

      1. I am wanting to consolidate all my outstanding into my home loan.

      You may want to consider refinancing your home loan to consolidate debt. This type of home loan allows you to pay out your credit card and personal loans under your mortgage. Instead of paying off multiple debts, you pay off all of your debts with one home loan repayment each month. This also means your debts are only charged at a home loan interest rate – which can be much lower than a credit card or personal loan interest rate. To learn more, please read this guide.

      2. I also want to change my financial institution to have a better lower interest rate.

      Please refer to the guide I shared with you above. When you’re on the page, please refer to the table under the subheading “Which lenders offer debt consolidation options when refinancing?” By doing so, you will see different financial institutions that might be able to help you.

      3. Also will it be better to have variable or fixed with what I am wanting to do?

      While we can’t provide personalised recommendations, it would be a good idea to know the difference between the two. We have a guide to help you with this.

      On that page, you will know more about variable and fixed interest home loans, which include their advantages and disadvantages.

      Finally, please speak to a mortgage broker to help you explore your different options. They have the right skills and knowledge to ensure you make the right decision.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    SafiaOctober 17, 2017

    How many financial institution offer construction loans and what are things to look out for before choosing a financial institution.

    • Default Gravatar
      MariaOctober 17, 2017

      Hi Safia,

      You may want to check out lenders on this page on Construction Loans.

      It also includes tips and information on how to choose a construction loan and some other frequently asked questions which you can find at the bottom of the page.

      Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

      Once you’ve chosen a lender, you may click on “Go to site” to be directed to their main website where you can start your application.

      Best,
      Maria

  4. Default Gravatar
    JamesAugust 3, 2017

    So I just re-financed my home to go to a cheaper rate at a diffrent bank and my property got valued at 600.000 when I only have 300,000 left on property so where does the other 300,000 go.can I take some for me and put in on top of the loan for eg: 50k for me then loan will be 350,000 instead of 300,000 since I don’t need the whole 600,000 to move over

    • Default Gravatar
      LiezlAugust 3, 2017

      Hi James,

      Thanks for your question.

      The difference of $300,000 is your home equity which you can use for investment purposes or for a wide variety of reasons such as pay up-front university fees for your children, for an extended overseas holiday, or home repairs and cosmetic renovations. You may find our guide on home loan refinancing on this page helpful.

      Cheers,
      Liezl

  5. Default Gravatar
    CarolJune 17, 2016

    Hi If I reach retirement age and still have a home loan of say $100000, what is the longest term you can pay interest only repayments?
    Thanks
    Carol

    • Avatarfinder Customer Care
      MarcJune 20, 2016Staff

      Hi Carol,
      thanks for the question.

      This will depend on the lender, as each will have their own unique lending criteria. It might be a good idea to consult a mortgage broker to find out the longest term available to you for your situation.

      I hope this helps,
      Marc.

  6. Default Gravatar
    JonSeptember 30, 2014

    Hi, how do i search for interest only loans?

    • Avatarfinder Customer Care
      ShirleyOctober 1, 2014Staff

      Hi Jon,

      Thanks for your question.

      Please see this page for a comparison of interest free home loans.

      For future reference, you can use the search tool (with the magnifying glass) on the top right hand corner of this page to search for certain comparisons.

      Cheers,
      Shirley

  7. Default Gravatar
    JeffAugust 19, 2014

    My bank charges 5.98% variable rate , am I in my right to ask for a better rate like other lenders are give. We have a offset account and does that make difference.

    • Avatarfinder Customer Care
      MarcAugust 20, 2014Staff

      Hi Jeff,
      thanks for the question.

      You’re completely within your rights to ask for a better rate, and starting a comparison of what else is out there in the market already is a great place to start. If you let your lender know that you’re unhappy with your rate and thinking of refinancing, there’s a range of incentives they can offer for you to stay, including cash and decreased rates. It never hurts to ask.

      I hope this helps,
      Marc.

  8. Default Gravatar
    MeganJuly 11, 2014

    If I choose a variable loan am I locked into that loan for a certain amount of time or can I opt out or change my loan whenever I choose???

    • Avatarfinder Customer Care
      ShirleyJuly 14, 2014Staff

      Hi Megan,

      Thanks for your question.

      It usually depends on the home loan you’ve committed to. Some lenders could charge a break fee if you leave the loan early and some may not charge this fee when you’ve stayed with the loan for a certain period of time.

      You can check these fees by clicking on the ‘fees’ tab on our home loan reviews, and you can check the PDS of the product to see how long you may need to commit to the loan.

      Generally variable rate home loans are more flexible than fixed rate home loans in terms of exiting – best of luck!

      Cheers,
      Shirley

  9. Default Gravatar
    kateAugust 6, 2013

    my home has just been valuaterd at 800000
    what is the most i can borrow and best interest rate

    • Avatarfinder Customer Care
      ShirleyAugust 6, 2013Staff

      Hi Kate,

      Thanks for your comment.

      Please use our borrowing power calculator to give you an indication. You can then compare our featured home loans on this page.

      Cheers,
      Shirley

  10. Default Gravatar
    jkJune 26, 2013

    i want to take combination of fixed and variable home loan for 30 yrs. loan amount over $350000.

    what is the maximum period for fixed rate i can opt for in this scheme. i want to split amount in 50 – 50 %.

    thanks and regards

    jk

    • Avatarfinder Customer Care
      ShirleyJune 26, 2013Staff

      Hi Jk,

      Thanks for your comment.

      After you’ve chosen a loan that you think might be suitable for you, our review will state the maximum period that you can fix or split your interest rate.

      Cheers,
      Shirley

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