Banks dropping home rates

SAVVY home loan customers should urgently review their mortgage to nab rock-bottom deals as dozens of lenders continue to drop rates.

Despite the cash rate resting at a record-low of 1.5 per cent since August last year, already 23 lenders have cut owner occupier variable home loan rates since July 1.

Financial comparison website Mozo’s database found more than 66 lenders now offer rates below four per cent.

Mozo’s data shows the big four banks’ average variable rate is 4.64 per cent — 1.2 per cent higher than the lowest variable rate offered by Reduce Home Loans at 3.44 per cent.