The Greater and Maitland Mutual cut interest rates

HUNTER home owners will benefit from home loan interest rate cuts announced by The Greater Building Society and Maitland Mutual Building Society.

Home loan rates at those institutions will be cut by 20 and 21 basis points respectively, following the Reserve Bank’s interest rate cut of 0.25 per cent last week.

The Greater’s standard variable home loan rate will drop to 6.40 per cent, while The Mutual will drop its standard variable home loan interest rate to 6.43 per cent.

The Mutual’s general manager Geoffrey Seccombe said it was imperative to take into consideration the needs of depositing members, many of whom relied on interest as a primary source of income.

‘‘It is for this reason we have decided to pass on a cut just four points less than the RBA’s reduction in the official cash rate,’’ Mr Seccombe said.

The cuts follow a similar cut of 0.21 per cent by the Newcastle Permanent Building Society.

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