More evidence of competition for lower risk new borrowers, including interest only mortgages.
MyState Bank has announced a decrease in its two-year fixed home loan rates for new, owner-occupied home loans with an LVR equal to or below 80%, effective immediately.
MyState’s two-year fixed home rate for principal and interest lending has reduced by 30 basis points to 3.69% p.a. (comparison rate 5.01% p.a.), while the interest-only two-year fixed option has also reduced by 30 basis points to 3.89% p.a. (comparison rate 5.05% p.a.).
MyState group executive of broker distribution Huw Bough said the lower rates were part of the bank’s commitment to providing broker partners with competitive products and services so both could attract new customer groups and steadily grow their loan books.