MyState Bank cuts home loan interest rates
First published on July 5, 2019
In response to the Reserve Bank of Australia’s (RBA) cash rate decision, MyState Bank has today announced a decrease to home loan interest rates of 20 basis points, effective 15 July 2019 for new loans and 29 July 2019 for existing loans.
MyState Bank interest only loans will decrease by 10 basis points for both new and existing loans. This reduction still keeps MyState as one of the lowest interest only rates in the market.
MyState Bank’s General Manager Banking Tony MacRae said MyState Bank is focused on balancing the change for both deposit and lending customers, whilst keeping rates competitive.
“We have worked to keep holding rates as high as we can for our deposit customers - those customers saving for their first home or funding retirement. With low wage growth, our customers have to work hard to save. We want to make their savings work hard too.” Mr MacRae said.
“With rates as low as this country has never seen before, decisions such as these are difficult. We believe this combination of pricing changes delivers a fair balance of outcomes for both savers and borrowers.”
All variable residential and investment loan customers who are affected will be advised directly by MyState Bank of any changes to their loans in early August. Customers are welcome to contact MyState Bank’s Customer Care Team on 138 001 or visit their local branch.