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Beyond Bank cuts home loan interest rates.

June 2019
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Beyond Bank cuts home loan interest rates.

Beyond Bank is very pleased to announce that we will be passing on the full interest rate cut of 0.25% p.a. to our standard variable rate home loans.

The announcement follows the recent decision by the Reserve Bank of Australia to cut the official cash rate by 0.25% p.a. and will apply to both new and existing lending.

"As a customer-owned bank, our aim is, and will always be, to pass on as many savings as we can to our customers,” said Nick May, General Manager, Customer Experience.

“The cost of living is very challenging, and we want to do everything we can to make life easier for families and our hope is that this reduction will make a real difference to household budgets.”

Mr. May acknowledged that the current lending environment is unique with rates at historically low levels.

For already discounted rates the reduction varies from between 0.15% p.a. and 0.25% p.a.

"Decisions around rates are never easy as we must take into account the current market conditions, our business performance and the impact on all of our customers, not just those with loans.

“It’s a balancing act and that is why we have considered very carefully the needs and demands of all our customers. To this end, we have also made a number of changes to our savings and deposit account rates.”

“We believe that with today’s announcement, we've achieved a good balance between the needs of both our borrowers and our depositors."

The new rates come into effect on Tuesday, 25 June 2019.

We will be in contact with each member directly via mail to advise how these rate changes will impact their loan.

Update 25/06/2019: Updated rates are now available on our website.

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