This article is from the Australian Property Journal archive
AUSTRALIA's fifth largest bank has taken a step further by cutting its variable home loan interest rate by 30 basis points.
St George Bank reduced its standard variable home loan interest rates to 9.37% pa. This 0.30% pa rate reduction equates to a saving of approximately $55 per month in repayments on an average size loan of $250,000 over a 30 year loan term.
But there’s a catch, the new rate is effective September 29.
On the other hand, the ANZ Bank was the first to slice its standard rate by 25 basis points to 9.37% for new and existing customers, effective September 8.
This was followed by similar cuts by the Commonwealth Bank of Australia wit the new variable rate falling from 9.58% to 9.33%.
Westpac Banking Corporation also cut its rate by 25 basis points to 9.36% whilst the National Australia Bank also cut its rates to 9.36%.
Meamwhile Australia’s fifth largest bank, St George cut its fixed rate home loan rate by upto 1% earlier this week.
Australian Property Journal
