the adviser logo

Banking group passes on RBA rate cut

by Staff reporter7 minute read
The Adviser

MyState has announced that its subsidiaries, MyState Bank and The Rock, will reduce interest rates by 0.25 per cent for new and existing home loans.

As a result, MyState Bank’s Standard Variable Home Loan rate will fall to 5.64 per cent, while The Rock’s Standard Variable Home Loan rate will be reduced to 5.94 per cent.

The interest rate for MyState Bank’s Special Residential Home Loan and The Rock’s Essentials Home Loan will fall to 4.54 per cent for loans over $100,000 with an LVR of less than 80 per cent.

The group’s head of broker services, Sandi Sims, said the rate cut reduces mortgage interest rates to the lowest they have been in more than 50 years.

“A borrower with a $300,000 mortgage will save approximately $63 per month and $750 over a year,” she said.

“When one takes into consideration that we do not charge many of the fees associated with home loans, such as standard valuation fees, establishment fees and ongoing monthly fees, our mortgages are a very compelling proposition for brokers wanting to provide their customers with a better deal.”

[Related: Growing lender makes another key appointment]

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more