First lender to pass on RBA rate cut IN FULL is ....
Announcement posted by Infochoice 04 Jun 2019
The Reserve Bank of Australia has just announced an historic cut in the official cash rate (OCR) from 1.50 per cent p.a. to just 1.25 per cent.
For borrowers, the wait is now on to see if their bank will pass on the rate cut to retail customers and how much of the 0.25 percentage points they might see cut from their loan rate.
The first Australian home loan provider to announce they are cutting their home loan rates by a full 0.25 percentage points, following the RBA’s cut this afternoon is Athena.**
The Sydney based online non-bank lender has announced a new headline variable rate for owner-occupiers paying principal and interest of 3.34 per cent p.a. (comparison rate 3.30 per cent).
For interest-only loans, Athena is charging owner-occupiers 3.84 per cent (comparison rate 3.49 per cent).
Athena’s Investor Principal and Interest variable rate loans are now priced at 3.74 per cent (comparison rate 3.70 per cent) and the interest-only product is charging 3.84 per cent (comparison rate 3.74 per cent).
“Athena is passing on the full RBA rate cut to borrowers immediately,” said Athena chief executive officer.
“Borrowers deserve better than the lags by big banks in passing on the benefit.
“Historically, many home lenders have been more than two weeks late in passing on rate cuts – costing Australians more than $114 million in excess interest,” said Mr Walsh.
Athena is a new entrant to the home loan market in 2019, charges no application, ongoing or exit fees and pays a loyalty bonus.
“Athena Home Loans is on a mission to save Aussies a whole lot of money, by helping them pass on their home loan faster,” said Nathan Walsh.
“We are already seeing the power of Athena to change lives – with customers switching to Athena from typical big bank rates saving tens of thousands over the life of the loan.”
InfoChoice chief executive Vadim Taube said Athena’s rates make it one of the most competitive lenders in the market right now.
“Athena’s comparison rates are actually lower than their headline home loan rates, reflecting their no fee policy and cash back loyalty bonus.”
Compare variable rate home loans from all of Australia’s major banks, credit unions and non-bank lenders here.
** Athena Mortgage Pty Ltd is a sponsored listing partner of InfoChoice.com.au
InfoChoice can provide all the data, commentary, research and market information you need for your story. www.infochoice.com.au.
Please contact InfoChoice’s Jason Bryce on 0428 777 727 or Vadim Taube 0403 580 794 or email media.manager@infochoice.com.au.
InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on everything from credit cards and home loans to insurance, energy and more for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today. At InfoChoice, we strive to be:
- Comprehensive. We compare more than 3500 individual products from more than 160 providers within Australia to offer you the best value.
- Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.
Jason Bryce
Journalist & Content Manager
m 0428 777 727
a Level 13, 10 Queens Road Melbourne VIC 3004
e Jason.bryce@infochoice.com.au
infochoice.com.au
Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan