Decrease to Interest Rates on Home Loans
Tuesday 7 May 2013
Today we announced that we will be decreasing the interest rate for our variable rate home loans by 0.25% p.a. effective from Monday 13 May 2013.
On a home loan of $300,000 this change will save our customers around $49 a month.
In the past 12 months, we’ve cut 1.66%* p.a. from our Standard Variable Rate. Which means we’ve put more money back in customers’ pockets than any other major bank. In fact, on a home loan of $300,000, our customers will save around $334 a month.
As Australia’s largest home lender, we’re committed to offering competitive pricing for home loan customers.
Old rate |
New rate |
New |
Change |
|
Complete Home Loan (Standard Variable Rate) |
6.40% |
6.15% |
6.29% |
-0.25% |
Economiser (Base Variable Rate) |
5.94% |
5.69% |
5.83% |
-0.25% |
No Fee Variable Rate |
5.70% |
5.45% |
5.45% |
-0.25% |
Viridian Line of Credit (Residential Equity Rate) |
6.55% |
6.30% |
N/A |
-0.25% |
Important Information: *Includes 0.25% p.a. interest rate cut effective 13/05/13. Information current as at 07/05/2013. Saving is calculated on a total home loan value of $300,000, over a 30-year term. Repayments reduced at customer request. Comparison rates calculated on a $150,000 secured loan over a 25 year term. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.
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