Seven small lenders cut their variable rates

Four credit unions and three mortgage managers have cut some or all of their variable-rate home loans by 25 basis points, in the line with the cut in the RBA cash rate announced this week.

Credit Union SA, the Police & Nurses Credit Society, Capricornia Credit Union and The University Credit Society were the four credit unions to make cuts in home loan rates.

Mortgage managers taking this step were BMC Mortgage, Collins Home Loans and Hemisphere Financial, a retail brand for non-bank funder Resimac. Two banks that did announce rate cuts on Tuesday were Bank of Queensland and ME Bank.

Source: Banking Day