Rate cut: 32 lenders slash home loan interest ahead of RBA move

Competition is heating up in the home loan market with 32 lenders, including major banks ANZ and NAB, slashing interest rates in April, with more to come as the RBA changes tack.

National Australia Bank became the latest to join the crowd cutting fixed rates for new owner occupied borrowers by up to 0.5 per cent and going even further for new investment borrowers with a fall of up to 0.6 per cent.

Canstar Group executive financial services, Steve Mickenbecker, said cuts to fixed rates signalled that the market expected lower variable rates ahead – though not so certain was the timing of that.

“The move by NAB and the 32 other lenders on Canstar’s database to cut owner occupied fixed rates this month suggests variable rate cuts are in the future but gives no guidance on Tuesday’s Reserve Bank decision.”