Australian mortgage broker and non-bank lender, Aussie Home Loans, today announced it has slashed its Standard Variable Rate 100 basis points to 6.65 per cent for new and existing borrowers, following today’s fall in official rates by the Reserve Bank.

On a typical 25 year $300,000 mortgage, the 1 per cent cut will mean an interest saving of about $250 a month and Aussie’s new rate is lower than the major banks.

Executive Chairman of Aussie, Mr John Symond said, “The Reserve Bank has done the right thing today, as the economy needs a kick along to avoid recession, while providing much needed stimulus to the housing sector.

“My advice to existing borrowers is to maintain their current repayments - if they can afford it - as the result will be a major saving over the life of their loans”, he added.

All of Aussie’s products and services are accessible via its national contact centre (on 13 13 33) or by visiting www.aussie.com.au.