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Auswide Bank : 10/11/20 Auswide Bank reduces home and consumer lending rates

11/10/2020 | 05:39pm

10 November 2020

Auswide Bank reduces home and consumer

lending rates

Auswide Bank today announced interest rate reductions on selected home loans, personal loans and credit cards.

The changes support government and Reserve Bank measures to stimulate national, state and regional economies.

Auswide Bank will decrease a range of home loan interest rates from 11 November 2020:

  • 35 bps reduction to new Basic Home Loan variable rates which have an LVR of 75% or less;
  • 10 bps reduction to new Freedom Package owner occupied principal & interest variable rates with an LVR of 75% or less;
  • 20 bps reduction to new Freedom Package owner occupied principal & interest 1, 2 and 3 year fixed rates with an LVR of 75% or less;
  • 50 bps reduction on new Standard 1, 2, 3, 4 & 5 year fixed rates for principal & interest and interest only investment loans;
  • 20 bps reduction on Freedom Package owner occupied principal & interest 1, 2 and 3 year fixed rates for existing customers fixing their loans; and
  • 15 bps reduction on RBA Rate Tracker Home Loans for existing customers (effective 5 November 2020)

Reductions have also been made to consumer lending interest rates:

  • 15 bps reduction on both purchase and cash advance interest rates on new and existing Low Rate Visa credit cards (effective 5 November 2020); and
  • 15 bps reduction on variable rate personal loans for existing customers (effective 19 November 2020).

Managing Director, Martin Barrett said Auswide Bank had weighed up a number of factors in making these changes.

"It's important we continue to support our customers during a time of uncertainty. In addition to the support we have provided our COVID-19 impacted customers such as payment holidays, these decreases provide further support to households. Our customers are accessing our lowest home loan interest rates ever and, at 8.05%p.a, we offer one of Australia's lowest credit card interest rates."

"However we also recognise the need to balance the needs of our other stakeholders who are being impacted by record low interest rates. A significant number of our customers rely on interest on their savings and investments and this has been a major consideration for us."

Customers seeking further information are encouraged to contact an Auswide Bank branch or call our Customer Hub on 1300 138 831 (7am to 7pm weekdays).

ALL MEDIA ENQUIRIES TO:

Martin Barrett

Managing Director

M: 0413 279 746

About Auswide Bank Ltd

Auswide Bank helps Australians with an extensive range of personal and business banking products and services issued directly or in partnership with leading service providers viabranches, strategic relationships and online & digital channels.

Auswide Bank believe that it's the small things that make us different and can make a bigdifference for our customers and communities.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Auswide Bank Ltd. published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2020 22:38:07 UTC

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