We have announced changes to our range of variable rate home loan products, reflecting recent decreases in market interest rates. The following changes will take place Wednesday 20 June 2012 and will be automatically applied to existing loans from this date also.
|Old rate (% pa)||New rate (% pa)||Change|
|Standard Variable Rate||6.85%||6.65%||- 0.20%|
|Base Variable Rate||6.45%||6.25%||- 0.20%|
|HomePlus line-of-credit||7.30%||7.10%||- 0.20%|
Members with loans affected by these changes will receive correspondence confirming the change and how it impacts their loan.
Anna Storti, General Manager - Retail for SERVICE ONE, provides insight in terms of the rates decision.
"While there are very real challenges facing the banking sector at the moment, we're pleased to be passing on some rate relief to our borrowers," Ms Storti said.
"For our borrowers with a $300,000 loan on a standard variable rate, this will mean an extra $37 a month that can be put back into the household budget."
SERVICE ONE maintains a strong rate position, with the standard variable rate remaining well below those of the major banks.