bcu, the region's largest locally owned financial services institution has committed to passing on in full the Reserve Bank of Australia's (RBA) interest rate cut of 0.25% to the following variable rate products;
- Owner-occupied Home Loans
- Investment Home Loans
- Commercial Loans
- Personal Loans
The interest rate cuts will be effective from 1 July, 2019 and available for new and existing customers.
Today's announcement ensured the community-focused organisation could continue its commitment to helping locals get the most out of their personal budgets. bcu CEO Alan Butler said that today's news from the RBA was a great step in driving affordability for Australians.
"In a time of increasing pressures on household budgets, this rate cut would save a typical homeowner who has borrowed $300,000 over 30 years more than $500 a year," said Mr Butler.
"Unlike some of our home loan competitors, we are committed to making sure that existing bcu home loan members benefit from this change, every bit as much as those who are new to bcu."
bcu's team of local lenders are regularly seen in the community helping members navigate the home loan process and have welcomed the latest round of interest rate reductions by the RBA.