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WIZARD Home Loans has joined the growing list of financial institutions that are lowering their interest rates as the property market stalls.
The mortgage financier trimmed its "rate breaker" basic variable home loan to 5.77 per cent from 5.82 per cent, effective from today.
Wizard's three-year fixed loan was reduced to 6.69 per cent from 6.95 per cent while its five-year loan was cut to 6.69 per cent from 6.93 per cent.
On Friday, ANZ and National Australia Bank announced that their fixed rates would also be lower from today.
The ANZ said current market conditions - strong competition and movement in the long-term money market rates - allowed for some downward fixed rate movement.
Wizard chairman Mark Bouris said loans have not been as low since the end of the property boom.
"With concerns like rising fuel costs, people are highly price sensitive and we're responding to that," Mr Bouris said.
Mr Bouris said the home-loan market was experiencing a fierce bout of competition between money lenders.
The non-bank lender signalled there were more cuts to come next month.
"Wizard has played a major role in reducing bank margins over the years and we're intent on keeping the pressure on," Mr Bouris said.
"In October we will be coming out with another market-leading saving for borrowers."
The mortgage financier trimmed its "rate breaker" basic variable home loan to 5.77 per cent from 5.82 per cent, effective from today.
Wizard's three-year fixed loan was reduced to 6.69 per cent from 6.95 per cent while its five-year loan was cut to 6.69 per cent from 6.93 per cent.
On Friday, ANZ and National Australia Bank announced that their fixed rates would also be lower from today.
The ANZ said current market conditions - strong competition and movement in the long-term money market rates - allowed for some downward fixed rate movement.
Wizard chairman Mark Bouris said loans have not been as low since the end of the property boom.
"With concerns like rising fuel costs, people are highly price sensitive and we're responding to that," Mr Bouris said.
Mr Bouris said the home-loan market was experiencing a fierce bout of competition between money lenders.
The non-bank lender signalled there were more cuts to come next month.
"Wizard has played a major role in reducing bank margins over the years and we're intent on keeping the pressure on," Mr Bouris said.
"In October we will be coming out with another market-leading saving for borrowers."
Cheers
Marc
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