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Mortgage rates continue to fall

Three banks and one mortgage funder have announced changes to their home loan rates, showing that the Reserve Bank’s cash rate cut is still taking effect. 

Greater Bank’s five-year fixed rate for its Ultimate Home Loan product has been cut by 25 basis points to 3.99 per cent (with a 4.48 per cent comparison rate) for owner-occupiers with loans worth more than $150,000 and a maximum LVR of 85 per cent.

The bank’s four-year fixed rate has also dropped by 25 basis points to 3.99 per cent (with a 4.49 per cent comparison rate), while its three-year fixed rate has been reduced by 10 basis points to 3.99 per cent (with a 4.51 per cent comparison rate).

Meanwhile, MyState Bank has cut its variable rates for owner-occupiers and investors by 23 basis points for new loans, effective 30 May.

Furthermore, the bank’s new variable rate loans for owner-occupiers and investors with LVRs of less than 80 per cent will be reduced by 23 basis points, effective tomorrow.

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As a result of these changes, MyState’s Special Residential Home Loan for new owner-occupier customers with LVRs of less than 80 per cent will fall to 3.99 per cent for loans over $100,000.

ME’s three-year fixed rate for owner-occupiers has been cut by seven basis points to 3.97 per cent (with a 4.41 per cent comparison rate).

Furthermore, the bank’s Member Package variable rate has been reduced by eight basis points for owner-occupiers to 4.01 per cent (with a 4.42 per cent comparison rate), and by five basis points to 4.24 per cent (with a 4.62 per cent comparison rate. Customers with a maximum LVR of 80 per cent are eligible for these rates.

Adding to the list, mortgage funder Advantedge Financial Services has reduced its one, two and three-year fixed rates by 25 basis points, and its five-year fixed rate by 10 basis points.

[Related: Firstmac announces rate changes]

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