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.