Greater Bank has today announced that it will reduce the interest rate across all existing owner-occupied variable home loans by 0.25% pa in line with the Reserve Bank of Australia’s decision to reduce the official cash rate.
In addition, Greater Bank will also reduce the interest rate across current variable investment loans by 0.15% pa.
These rate changes will be effective from 29 July and are in addition to the 0.25% pa reduction Greater Bank announced in June across owner-occupied variable home loans and investment loans.
Greater Bank CEO, Scott Morgan, said that while the RBA’s reduction in the official cash rate was a key driver for the change in interest rates, there were other factors that needed to be considered.
“Before making any changes to interest rates we need to consider the impact it has on all our customers - borrowing and depositing. There are also considerations around our funding costs and regulatory requirements” Mr Morgan said.
“On balance, we believe that passing on the reductions was in the best interest of our customers and the business.”
“The change will ensure we will still have some of the most competitive owner-occupied variable home loan products in the market. This is in addition to our one-year fixed rate of 2.99% pa.”