Extension follows RBA's first rate cut since 2020
Non-bank lender Bluestone Home Loans has extended its 0.25% per annum discount on new home loan applications, following last week’s Reserve Bank of Australia (RBA) interest rate cuts.
The discount, initially set to expire on Feb. 28, will now remain available until March 7.
The lender said the extension aims to allow mortgage brokers more time to offer competitive rates from its flexible home loan range to their clients.
“The rate cut was a win for borrowers in unique situations, but we wanted to take it a step further,” said Aaron Taylor (pictured above), head of non-standard lending at Bluestone Home Loans. “Brokers are always looking for ways to support their clients, and extending this offer gives them another way to help more Australians secure the right loan for their next home.”
The discount applies to eligible new applications. Brokers seeking further details are advised to contact their Bluestone business development manager (BDM) or visit the company’s website.
Bluestone is now among several lenders that have announced lower rates following the Reserve Bank of Australia’s (RBA) recent cash rate decision. The central bank reduced the official cash rate last week by 25 basis points, bringing it down to 4.10% from 4.35%. This marks the first rate cut since 2020, following 13 consecutive increases that had pushed rates to their highest level since 2011.
Despite the move, new analysis from comparison site Finder shows that up to two-thirds of Australian lenders have yet to announce whether they will pass on the rate cut.
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