18 lenders cut variable rates to win new customers, says Canstar | The Business | ABC NEWS

Competition is heating up among mortgage providers even as the housing market cools and interest rates stay put. Canstar says the total number of lenders that have cut new customer variable rates since the May rate hike, now stands at 18. Canstar's data insights director, Sally Tindall says home borrowers should be looking for a loan rate that has a five in front of it if they want a competitive deal. "Competition among lenders continues to create opportunities for some households to cut their borrowing costs. But the bigger gains still typically come from refinancing." She said.

Sally Tindall says smaller lenders are leading the way. "The standout move came from Bendigo Bank, which cut its lowest variable rate for refinancers by 0.15 percentage points and is now one of 15 lenders offering a rate below 5.90 per cent." She said.

She says it's unclear how long the competitive environment will remain.
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