Greater Bank has confirmed that it will reduce interest rates across a number of lending products following the announcement by the Reserve Bank of Australia (RBA) on 1 October to reduce the official cash rate to 0.75%p.a.
- All variable Owner Occupied, Investment, Line of credit and Business loan base rates will reduce by 0.14% p.a. on 15 October 2019.
- Greater Bank will have passed on 0.64% p.a. from the last three RBA cuts.
Greater Bank Chief Executive Officer, Scott Morgan, said that with interest rates already at record low levels, it was critical that the needs of all customers were considered before implementing any rate changes.
“Interest rate reductions are welcome news for current and also prospective borrowing customers who are enjoying some of the lowest rates ever seen, but we also need to factor in our large base of depositing customers, many of whom are investors or self-funded retirees who rely heavily on income from interest,” Mr Morgan said.
“As such, we have taken a balanced approach to interest rate changes to ensure a balanced outcome for all.”
This rate change will see the scheduled monthly repayments for a $300,000 housing loan on a variable owner-occupied Great Rate over 30 years reduce by $24 per month.