Australia’s leading mortgage broker and non-bank lender, Aussie Home Loans, today announced it has slashed its Standard Variable Rate 100 basis points to 5.65 per cent for new and existing borrowers, following yesterday’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 is on track to try and inject life in the housing market, where we are seeing some improvement in activity - especially among first home buyers”.

“My advice to existing borrowers is to maintain their current repayment levels - 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. The new rate is effective from February 13, 2009.