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Greater Bank to pass on interest rate reduction

Greater Bank has confirmed that it will pass on the full 0.25% interest rate reduction following yesterday’s announcement by the Reserve Bank of Australia that it would reduce the official cash rate to 0.50%p.a.

The change will see all existing variable Owner Occupied, Investment, Line of credit and Business loan base rates reduce by 0.25% p.a. and be effective from Monday, 23 March 2020.

Greater Bank Chief Executive Officer, Scott Morgan, said that it was important to pass on to full rate reduction to the lending customers, however, the needs of all customers were considered before implementing any rate changes.

“The interest rate reduction is providing more good news for our lending customers who are already enjoying rates rarely seen before in market,” Mr Morgan said.

“On the other side of the ledger, we also have a large base of depositing customers, many of whom are investors or self-funded retirees who rely heavily on income from interest,” Mr Morgan said.

“For these customers, we are conscious that rates are already low and have held off making any further reductions at this time. We will continue to asses these rates against the market conditions in the coming weeks.

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