MyState Bank reduces home loan interest rates
First published on October 4, 2019
In response to the Reserve Bank of Australia’s (RBA) cash rate decision, MyState Bank has today announced a decrease to variable home loan interest rates of 15 basis points, effective 14 October 2019 for new loans and 29 October 2019 for existing loans.
Following the change, MyState Bank’s Owner Occupied Basic Variable with principal and interest repayments for new loans will reduce to 3.23%pa.
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.
“With the Reserve Bank cash rate at record lows, our changes are aiming to balance the needs of both our deposit and lending customers.”
“We are continuing to work hard to maintain competitive rates for our deposit customers, many of who are saving towards a specific goal or are self-funded retirees.”
“Decisions such as these are difficult, and we certainly have not taken this decision lightly. We believe this delivers a fair balance of outcomes for both deposit and lending customers”.
All variable residential and investment loan customers who are affected will be advised directly by MyState Bank of any changes to their loans in the coming weeks. Customers are welcome to contact MyState Bank’s Customer Care Team on 138 001 or visit their local branch.