The Mutual Bank today announced the following reductions to variable interest rate loans:

• Owner-Occupied Home Loan variable interest rates reduced by 0.20%p.a.
• Investment Home Loan variable interest rates reduced by 0.10%p.a.
• Line of Credit variable interest rates reduced by 0.10%p.a.
• Business Loan variable interest rates reduced by 0.25%p.a.

This announcement follows yesterday’s announcement by the Reserve Bank of Australia to reduce the official cash rate by 25 basis points.

Interest rates are regularly reviewed at The Mutual Bank, to ensure we remain both competitive and sustainable.

CEO, Geoff Seccombe stated, “The Mutual Bank seeks to balance the needs of both depositor and borrower members, especially when making a decision on interest rate movements. This reduction to home loan interest rates and commercial loan interest rates will bring welcome relief to local home owners and business owners who face the challenge of juggling their financial commitments.”

“The interests of all members have been considered in making this decision, while this reduction will be well received by borrowing members, depositing members who rely on the interest income from their investments are also a major consideration in The Mutual Bank’s decision making,” Mr Seccombe said.

This reduction in interest rates will come into effect on 19 July 2019.