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Buying a house? Get a mortgage discount.

BANKS are offering discounts up to 1 per cent off their standard variable mortgage rates to stimulate the home loan market ahead of the crucial spring selling campaign.

With loan growth across the market having dropped back to just 6 per cent over the 12 months to June 30 from an annual average of 8 per cent over the previous two years, lenders are using a range of cheaper offerings to tempt reluctant consumers.

The push is being driven by the banks’ own lower lending costs as they recycle a huge increase in customer deposits into mortgages. Continue reading Buying a house? Get a mortgage discount.