South Australia’s award winning lender HomeStart Finance announced today it is cutting its variable interest rate by 1.00%, passing on the recent cut by the RBA in full. This takes the variable interest rate to 5.67%p.a effective 19 February 2009.

HomeStart CEO Gary Storkey said the latest cut brings the standard variable rate to its lowest level since the organisation was founded in 1989.

“HomeStart is pleased to announce that we are passing on the latest RBA rate cut in full, bringing our standard variable rate to its lowest level in almost 20 years,” Mr Storkey said.

“While it is costing us more to secure funding, in this instance we’re prepared to take on those additional costs so that this latest rate cut has a positive outcome for our customers.

“We will continue to look for ways that we can assist people to keep their mortgages affordable over the long term,” he said.