HUNTER-based lender Mutual Bank has announced it will cut its variable interest rates by 0.15 per cent after last week's Reserve Bank decision.
The decision will take effect from October 14.
The former Maitland Mutual's call comes after the Greater Bank and Newcastle Permanent Building Society elected to pass on part of the 0.25-point cut on Friday.
Commercial loans will drop by 0.10 per cent while fixed mortgages will be reduced up to 0.55 per cent effective from October 4.
Mutual chief executive Geoff Seccombe said that the bank anticipated more cuts, as flagged by the RBA last week.
"These historically low home loan and commercial loan interest rates will provide further relief for families and business owners across our region and present a great opportunity for First Home Buyers looking to enter the property market."
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