Media release: BankVic cuts all standard variable and new fixed rate home loans by 0.25%
Thursday 7 May 2015
BankVic cuts all standard variable and new fixed rate home loans by 0.25% following Tuesday’s RBA announcement to lower the official cash rate.
This will bring its standard variable home loan rate to 4.99% pa, maintaining a significant discount to the standard variable rate of all the major banks.
BankVic’s 2 year honeymoon interest rate will decrease to 4.14% pa and its Base Variable home loan to 4.44%pa.
Both new and existing borrowers will benefit from this change effective 11 May 2015.
BankVic CEO, Stephen Capello said: “Providing value and returning benefits to our members in the form of competitive interest rates is key for our organisation. Our members work hard for their money and to serve the Victorian Community so it’s important they get a good deal. We are pleased to be able to maintain our competitive position relative to the major banks in Australia.”
BankVic is a 100 per cent member owned bank serving police and those working in health, emergency and public services, as well as their families and friends. BankVic engages in responsible lending and is not exposed to either offshore funding or investment, and employs all staff locally in Victoria. In 2014 BankVic celebrated its 40th anniversary and is one of Victoria’s largest Mutual Banks with assets in excess of $1.3B and over 98,000 members. BankVic was awarded the 2014 Canstar Customer Owned Banking Institution of the Year and Canstar’s 2014 Customer Owned Bank of the Year for Everyday Banking, making it back to back winners. Individuals can join BankVic by calling 13 63 73, visiting a branch or online at bankvic.com.au.
For further media information, or to arrange an interview with CEO Stephen Capello, please contact: Melanie Dilges at email@example.com or call 03 9268 9270.