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Lenders Still to Pass on Rate Cut

Interest rates on hundreds of home loans have yet to drop in line with February's official rate cut, new research shows.

Many borrowers are still not enjoying the benefits of the Reserve Bank's February rate cut.

Six weeks since the cash rate was cut by 25 b

asis points to a new record low of 2.25 per cent, rates are still unchanged on 40 per cent of home loans, according to a prominent search provider.

Even among the lenders who have announced they will pass on the cut to customers, several have not dropped rates on all of their variable rate loans.

Of more than 1,300 variable rate home loans monitored, 544 were yet to be lowered, as some lenders take advantage of borrowers by delaying the cuts.

It's not surprising to see some lenders being slow to pass on the cash rate cut to their variable home loan customers, it's disappointing that some are taking advantage of the situation.

Borrowers need to check their interest rate and if their lender has passed on the cut. With the major banks standard variable averaging 5.6% and rates we can access from lenders on our lending panel there is a very compelling reason to switch lenders.

Talk to us today by calling 1300 861 143 about options that could save you a significant sum.

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Stu Varidel AR 324007 and Your Choice Financial Planning Pty Ltd ABN 80124246877 trading as Heart Financial Advisers CAR 323623 are authorised representatives of Sentry Financial Services Pty Ltd ABN 30 113 531 034 & AFSL 286786.

Warning The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Heart Financial Advisers and Heart Mortgage Services nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

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