Media Release
Issued 6th March 2020
In an announcement made today BCU has committed to passing on in full the rate reduction of 25 basis points to all variable home loan products. The rate reduction will apply to both owner occupier and investor variable home loans.
Effective 1 April 2020 new and existing owner-occupiers and investors will benefit from the following lower rates.
|
Category |
Variable Product |
Interest Rate effective 1st April 2020 |
|
Owner Occupied Principal & Interest |
OMG <80% LVR |
2.94% |
|
Standard Variable Rate |
4.14% |
|
|
Max Discount SVR |
3.44% |
|
|
Investment Principal & Interest |
OMG<80% LVR |
3.09% |
|
Standard Variable Rate |
4.30% |
|
|
Max Discount SVR |
3.60% |
The full rate reduction of 25 basis points will see BCU’s OMG Home Loan drop to a very competitive rate for new and existing owner occupier customers with an LVR up to 80%.BCU General Manager Mike Ribbens said "We’re committed to making sure existing BCU home loan members benefit from this change, every bit as much as those who are new to BCU."
In announcing the rate changes, BCU General Manager, Mike Ribbens said the decision to pass on the 25 basis points reduction will help the community-focused organisation continue its commitment to helping locals get the most out of their personal budgets. Mr Ribbens said "In a time of increasing pressures on household budgets, this rate cut will let our members see changes in their mortgage repayments that will enable them to either pay down their loan faster or direct these savings to other areas of their personal budget.”
About BCU:
- part of a member-owned organisation, with a focus on local community banking
- has 21 branches spanning from the Sunshine Coast to Port Macquarie and offers a wide range of financial products and services, including home loans, personal loans, term deposits, credit cards.
- BCU is a division of Police & Nurses Limited following the successful merger between Bananacoast Community Credit Union Ltd and Police & Nurses Limited in 2019