Aussie drops rates to record low

The rate for loans under $500,000 with an 80 per cent LVR was reduced by five basis points to 4.79 per cent – one of the lowest rates in the market for loans of that size and LVR.

Special rates are available for loans with an LVR of 80 per cent or less. For example, on loans between $500,000 to $1 million the rate is 4.69 per cent while loans over $1 million are priced at 4.64 per cent.

The rates are now available for approved applicants and include a free, online redraw facility and no ongoing fees.

“As we have done over the last 22 years, Aussie is continuing to challenge the major lenders with our very competitive rates,” Aussie executive chairman John Symond said.

“Our new rates are the lowest Aussie Select Basic Variable rates we have ever offered and they beat the lowest advertised variable rates offered by the big banks,” Mr Symond said.

“They are available to all approved borrowers including first home buyers, next home buyers, refinancers and investors,” he said.

Mr Symond expects the new rates to attract more borrowers to the market.