loans.com.au cuts rates for owner-occupiers
Non-bank lender loans.com.au has dealt a deep rate cut to owner occupiers and some investors.
The lender has announced rate changes across a range of products, with rates falling by 12 basis points for owner-occupiers with the Essentials Variable Principal and Interest Home Loan. Owner-occupiers on the Offset Variable home loan will see a 6 basis point rate cut.
The lender did hike rates on some investor products. The Essentials Variable Investor Principal and Interest home loan and the Offset Variable Investor Principal and Interest home loan will both see rates rise by 0.10%.
|Loan||Old rate||New rate|
|Essentials Variable OO P&I||3.64%||3.52%|
|Offset Variable - Up to 80% OO P&I||3.72%||3.60%|
|Essentials Variable Investor P&I||4.09%||4.19%|
|Essentials Variable Investor IO||4.39%||4.19%|
|Offset Variable Investor P&I||4.17%||4.27%|
|Offset Variable Investor||4.47%||4.27%|
However, loans.com.au cut rates for interest-only investors, bringing its interest-only investment products in line with its principal and interest products. The Essentials Variable Investor Interest-Only was cut by 20 basis points, while the Offset Variable Investor Interest-Only also received a 20 basis point cut.
loans.com.au wasn't alone in handing out rate cuts. People's Choice Credit Union also made a 16 basis point cut to its Home Loan Package Special Offer for owner-occupier principal and interest borrowers with an LVR of 80% or less.