BankVic today announced it will be reducing home loan rates for owner occupied loans and increasing a range of term deposit rates.
In making these decisions, we have balanced the needs of all of our 100,000 members, which includes ensuring we can provide competitive interest rates on savings accounts and term deposits as well as our home loans. Investment property loans funded from 20 November 2015 will not be changing as the current interest rate remains very competitive.
We are continuing our commitment to ensure our Standard Variable Rate (SVR) remains below the Big 4 Banks. After this reduction, it will be 0.66% below the major banks’ average standard variable interest rate:
|Bank||Post rate cut Standard Variable Rate %pa (Owner Occupied)|
*As announced on major banks’ websites on 2 August 2016.
With effect from 22 August 2016, owner occupied home loan rates will decrease as follows:
| ||Old rate % p.a.||New rate % p.a.||Change %|
|Base Variable Rate Home Loan (L6)||4.24||4.09||-0.15|
|Standard Variable Home Loan (L27)||4.74||4.59||-0.15|
|Line of Credit (L9)||4.74||4.59||-0.15|
|New rate % p.a.|
A new 2-year Introductory Variable Rate Home Loan will also be available. Updated home loan interest rates will be available on our website from 22 August 2016.
With effect from 15 August 2016, there will be some changes to our Term Deposits and Savings Accounts. These include:
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