Lenders Quick To Pass On Rate Cut

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Lenders Quick To Pass On Rate Cut

Newcastle Herald

Thursday February 8, 2001

MAJOR home loan lenders were quick to pass on yesterday's half a percentage point drop in official interest rates.

The Reserve Bank of Australia announced yesterday that it had lowered the official cash rate to 5.75% from 6.25%, the first cut in official rates since December 1998.

The move means home buyers will save around $42 a month on an average $130,000, 25-year home loan.

Westpac, Suncorp Metway and Aussie Home Loans led the charge, followed soon after by St George.

Aussie Home Loans standard variable rate will fall to 7.45% from February 16, while Westpac's equivalent rate will fall to 7.57% from February 14.

Suncorp Metway will cut its rate to 7.55%, while St George will lower its key variable rate to 7.57%.

The Ausdollar rose to US55.05, from US54.85 minutes before the rate cut.

THE CUTS

Loan Savings

25 years a month

$100,000 $32.88

$150,000 $49.33

$200,000 $65.77

$250,000 $82.21

Editorial

Page 8

More reports, analysis

Page 4

Something to build on

Page 9

© 2001 Newcastle Herald

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