Interest Rate Announcement – May 2016

Wednesday 4 May, 2016.

On Tuesday 3 May 2016 the Reserve Bank of Australia (RBA) announced its decision to reduce the official cash rate by 0.25%, from 2.00% to a new record low of 1.75% pa.

We have made the decision to pass on the full 0.25% reduction to variable rate home and business loans, effective Thursday 19 May 2016. This change keeps our variable rate home loans at the ‘top of the pack’ versus the major banks by a significant margin (see charts below).

The exceptional value we provide to members is also recognised by independent financial market experts including CANSTAR, which has recently awarded us with 24 five-star ratings for our home loans – more than twice as many as the best of the major banks. In addition we are Money magazine’s Australian Home Lender of the Year for the second time.

The comparison table below shows how competitive our variable rate loans continue to be following this rate reduction.

Standard Variable Rate*:

Best Available Package

*Charts reflect interest rates after the effective dates of major banks’ and NPBS’ announcements.

Download the full media release.