Media release: BankVic passes on RBA interest rate cut

Thursday 5 February 2015

BankVic, will pass on to its members in full yesterday’s 0.25% interest rate cut from the Reserve Bank of Australia (RBA).

BankVic will reduce its standard variable home loan rate by 0.25% to 5.24% pa, maintaining a significant discount to the standard variable rate of all the major banks. 

This will bring BankVic’s 2 year honeymoon interest rate to 4.39% pa and its Base Variable home loan to 4.69%pa.BankVic will reduce its variable home loan interest rates for existing borrowers with effect from 9 February 2015.  Any new home loans will also benefit from the lower rates.

Newly appointed BankVic CEO, Stephen Capello said: “Because we are 100% member owned, we are able to maintain favourable interest rates and we know our borrowers will welcome these reductions. We also understand that not everyone in our community benefits when interest rates fall so that’s why we’ve also maintained attractive rates across our range of deposit accounts.”

Our underlying success comes from our members support and that support is something that our organisation has never taken for granted. Remaining focused on members has enabled BankVic to be consistently recognised in the marketplace through industry awards and has also seen our organisation prosper.

This recognition allows not only us but also our members to feel confident that our products are continuing to provide great value to them and additionally that we are an attractive alternative to the major banks. As further demonstration of this value we are committed to ongoing investment in product development and providing members with ongoing benefits.

For example in the last month we launched a new transaction account that offers members fee free ATM withdrawals Australia wide when they deposit a minimum of $1,000 per month and other generous transaction benefits including free EFTPOS. We’ve also joined with one of our insurance partners CGU to offer BankVic members the opportunity to share in our biggest prize pool to date which includes the chance to win a car.

About BankVic

Formerly known as Police Credit and founded in 1974, 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 it’s 40th anniversary and is one of Victoria’s largest Mutual Banks with assets in excess of $1.3B and over 97,000 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.

Mr Capello joined BankVic in January 2014 as Executive Manager Finance. Mr Capello is a former senior executive of Aviva and Banco Santander in Europe. He is a Fellow CPA, holds an MBA and a Bachelor of Commerce, Accounting.

bankvic.com.au

ENDS

For further media information, or to arrange an interview with CEO Stephen Capello, please contact: Melanie Dilges at mdilges@bankvic.com.au or call 03 9268 9270

BSB: 704 230

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