Following the Reserve Bank’s decision to cut the official cash rate by 25 basis points to a record low 1.75 per cent, QPCU will pass on the full 25 basis points cut to its SVR loans for owner-occupiers and investors, effective 23 May.
QPCU will also reduce its Classic Home Loan discount offer for new business by 10 basis points to 3.97 per cent, with a comparison rate of 4.03 per cent.
Credit Union Australia (CUA) will pass on the full 25 basis points cut to its SVR loans for owner-occupiers, with the new rate to start at 4.81 per cent, effective 19 May. CUA’s standard variable rate for investors will be reduced by 20 basis points to 5.22 per cent.
The credit union also announced rate cuts for its Rate Breaker Package, with the owner-occupier rate to be reduced by 24 basis points to 4.37 per cent and the investor rate to fall to 4.67 per cent, effective 17 May.
Meanwhile, Suncorp Bank reduced its variable rate by 20 basis points for owner-occupiers and by 15 basis points for investors.
The regional bank also lowered its SVR for business loans by 10 basis points.
AMP reduced its SVR for home loans by 20 basis points. Effective 23 May, the bank's owner-occupier rate will start at 5.53 per cent (with a 5.70 per cent comparison rate) and its investor rate will start at 5.82 per cent (with a 5.99 per cent comparison rate).
AMP’s Essential Home Loan variable rate will be reduced to 3.88 per cent (with a 3.90 per cent comparison rate) for all new owner-occupier customers, while its Professional Package variable rate for new owner-occupier term loans of $75,000 and above will drop to 3.95 per cent (with a 4.31 per cent comparison rate).
AMP’s SuperEdge variable rate for new SMSF residential property loans will also be reduced to 4.37 per cent (with a 4.41 per cent comparison rate).
[Related: Lenders join rate cut chorus]