Plenty of rate cuts in the mortgage market

Interest rates on fixed and variable home loans are still being cut by lenders desperate to win new business.

94 fixed home loans in the Australian mortgage market reduced rates by as much as 0.70 percentage points in September 2014. 23 fixed rate mortgage products increased rates by up to 30 percentage points. 

27 variable rate home loans have had rate cuts in the past month. The biggest variable rate cuts have been 0.30 percentage points from ANZ, My State, IMB, Bendigo Bank, Resi, Suncorp Bank, Wide Bay Australia and State Custodians.

Source: Banking Day