Many borrowers are still not enjoying the benefits of the Reserve Bank's February rate cut.
Six weeks since the cash rate was cut by 25 basis points to a new record low of 2.25 per cent, rates are still unchanged on 40 per cent of home loans, according to comparison website finder.com.au.
Even among the lenders who have announced they will pass on the cut to customers, several have not dropped rates on all of their variable rate loans, finder spokeswoman Michelle Hutchison said.
Of more than 1,300 variable rate home loans monitored, 544 were yet to be lowered, as some lenders take advantage of borrowers by delaying the cuts, Ms Hutchison said.
"While it's not surprising to see some lenders being slow to pass on the cash rate cut to their variable home loan customers, it's disappointing that some are taking advantage of the situation," she said.
Ms Hutchison says borrowers need to check their interest rate and if their lender has passed on the cut.
If they haven't, ask the lender for a discount or switch lenders, she said.
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