In what is being described as a “race to the bottom”, lenders continued cutting fixed and variable mortgage rates last week.
NAB cut its owner-occupier basic variable rate by 15 basis points to 2.69 per cent, its one-year fixed rate by 10 bps to 2.39 per cent and its two-year rate by 10 bps to 2.29 per cent.
The bank also cut investor rates.
Among the big for banks, NAB and Westpac have the lowest variable rates, while ANZ is offering 2.72 per cent and Commonwealth Bank 2.79 per cent.
Among smaller lenders, on June 16 Reduce Home Loans cut the standard variable rate on its Super Saver Variable to 2.19 per cent on loans with loan-to-valuation ratios of 80 per cent or less.
The previous lowest rate was 2.25 per cent, which Reduce Home Loans was offering on loans with loan-to-valuation of 60 per cent or less.
Late last week, Freedom Lend trumped Reduce with an offer of 2.17 per cent on loans with LVRs of 70 per cent or less.
Comparison sire RateCity said 15 lenders have cut rates so far in June.
Also last week, ING cut the rate on its Mortgage Simplifier loan by 19 bps to 2.55 per cent for loans of $1 million or more and 2.59 per cent for loans between $150,000 and $1 million.