ANALYSIS
Banks may know something we don’t know about future rate cuts, because nine lenders have cut variable rates on home loans over the past month.
While the RBA left the official cash rate on hold at its October meeting, a number of lenders were quietly sharpening their rates for owner-occupiers paying principal and interest loans.
A Canstar analysis of market movement between 24 September and 21 October found that Aussie had dropped its rates by 0.25 per cent, effective 15 October.
P & N Bank moved in September, slashing by “up to” 0.25 per cent, while ME Bank cut by “up to” 0.19 per cent the following day.
Banks cutting by “up to” a certain number means they have scaled their discount by Loan to value Ratio (LVR), so customers at a certain LVR ties may get the full 0.25 per cen