Three more lenders drop rates

Three more lenders drop rates

MPA Lender Update is your same-day product information service, bringing together updates from all lenders

RATES
Virgin Money passes on full RBA rate cut, dropping all its Reward Me owner-occupied variable home loan rates by 0.25%, making its lowest variable rate 3.69%p.a. for owner-occupiers (comparison rate 3.83%p.a.). 

Virgin Money also cuts variable rates for investors by 0.20% making its lowest variable rate for investors 3.99%p.a. (comparison rate 4.12%p.a.).

Rate changes are effective for all new and existing Reward Me customers from 8 August. 

Bank of Queensland reduces variable home loan rates for owner occupiers by 0.15% p.a. and rates for investors by 0.10% p.a., effective 31 August 2016.

BOQ also today reduced its 3-year fixed rates for owner occupiers and investors to 3.59% and 3.79% respectively.

ING DIRECT drops its Orange Advantage variable home loan rates for existing and new customers by 0.12% p.a. effective Monday 15 August, 2016.

• Owner occupier - Orange Advantage (100% offset) LVR of 80% or less with minimum borrowings of $150k: 3.67% p.a. (3.89% p.a. comparison rate)
• Investor - Orange Advantage (100% offset) LVR of 80% or less with minimum borrowings of $150k: 4.12% p.a. (4.34% p.a. comparison rate)

All other variable home loan rates for new and existing customers will reduce by 0.10% p.a.
Commercial variable loan rates will also reduce by 0.10% p.a. 

All ING DIRECT rate changes effective Monday 15 August 2016.

PRODUCT
No changes today

POLICY
No changes today

COMMISSIONS
No changes today

Catch up on this week's news:
Industry responds to Government's call for transparency on interest rates
All majors and a non-major drop rates
FBAA urges banks to pass on full OCR cut

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