Aussies urged to call their bank as lenders slash rates: 'You have to do it'

There are currently nearly 50 smaller lenders now offering a variable rate starting with a 5, which is up from 38 that were offering a variable rate below 6% at the start of June. RELATEDRate tracking by consumer site Canstar shows 31 lenders have reduced the interest rate they're charging for new customers in the past two months. That means many loyal customers could be paying meaningfully more on their repayments if they're not proactive. "If you haven't reviewed your home loan in a few years, check what rate your bank is offering new customers. And most Australians will likely be able to save some quick money by picking up the phone – or actually doing the work to switch – as the best rates right now come from lenders competing against the major lenders.