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The Mutual Bank Passes On Full Interest Rate Reduction

The Mutual Bank today advised it has reduced the interest rates on all variable rate Owner-Occupied Home Loans and Investment Home Loans by 0.25%p.a. effective Friday 21 June 2019.

This follows the Reserve Bank of Australia’s (RBA) move yesterday to reduce the official cash rate to 1.25%.

The Mutual Bank’s CEO, Mr Geoff Seccombe, said that The Mutual Bank seeks to achieve financial sustainability that balances the needs of all members.

“It presents a great opportunity for First Home Buyers looking to enter the property market, and will provide some welcome relief for the many families across our region that are challenged every day with juggling their financial commitments,” Mr Seccombe said.

Mr Seccombe said, “While today’s rate change announcement will be well received by borrowing members, depositing members can be assured that this movement will not come with any interest rate reductions to their Everyday and Savings Accounts.

The potential for further RBA cash rate reductions appear likely and the challenge for The Mutual Bank is to maintain the balance for all our members, particularly those who rely on the income from their savings.”

New fixed interest rate home loans will be reduced from today, 5 June 2019, with existing variable home loan interest rates reducing by 0.25% effective 21 June 2019.