National Mortgage Company has cut its variable rates on selected products by 0.10% ahead of the policy meeting of the Reserve Bank of Australia next week.
The move comes amid renewed speculations that the RBA will stay on hold for another 12 months with a few predicting a rate cut as fears of a double dip recession intensifies.
“We are pleased to be in a position to provide our clients a competitive offering in the market place,” said Fernando Lemos, National Mortgage Company’s Head of Retail.
“Competition needs to re emerge in the market to ensure clients are not only getting a fair deal from their current lender but a competitive one as well.”
The interest rate reduction applies to applications received from 1 July 2010.