Firstmac has announced that it will cut rates for all new variable home loans on principal and interest payment terms by 25 basis points, and all interest-only variable loans by 10 basis points.
Further, all current Firstmac customers with a variable-rate home loan will have their rate cut by 25 basis points.
Earlier this month, the Reserve Bank of Australia cut the official cash rate by 25 basis points to a record-low of 0.5 per cent.
