Lending Rate Changes
From 1 November 2019 bcu will reduce residential and commercial lending rates from between 0.15% and 0.25%.
The table below sets out the rate reductions for each variable rate product:
| Rate Reduction | Product |
|---|---|
|
-0.25% |
|
|
-0.16% |
|
|
-0.15% |
|
The above changes will apply to both Principal and Interest and Interest Only loans.
This financial year, borrowers have seen material changes in their monthly repayments enabling them to pay down their loan faster or direct these savings to other areas of their personal budget. Whilst of course we would like to pass on the full benefit of this cut to all our members with loans, we also have to balance this with the needs of the significant number of members who have savings deposits with us, many of whom rely on these interest payments for their income.
Savings Rate Changes
From 1 November 2019 bcu will also be adjusting the following savings accounts.
| Product | Tier | Rate Reduction |
|---|---|---|
|
bcu Advantage Saver (S3) |
$0 - $1,999.99 |
0.00% |
|
$2,000 - $47,999.99 |
-0.20% |
|
|
$48,000 plus |
-0.30% |
|
|
bcu iSaver (S16) |
$0 - $999.99 |
0.00% |
|
$1,000 - $4,999.99 |
-0.25% |
|
|
$5,000 - $19,999.99 |
-0.25% |
|
|
$20,000 - $99,999.99 |
-0.25% |
|
|
$100,000 - $249,999.99 |
-0.25% |
|
|
$250,000 plus |
-0.25% |
|
|
bcu Business iSaver (S17) |
$0 - $4,999.99 |
0.00% |
|
$5,000 plus |
-0.15% |
|
|
bcu SMSF Cash iSaver (S26) |
< $10,000 |
0.00% |
|
$10,000 - $999,999 |
-0.25% |
There will be no changes to any other bcu access or savings products.