We're still beating the big 4 banks - August 2016

Thursday 4 August, 2016.

Following a reduction in fixed home loan interest rates of up to 0.45% p.a. earlier this week, Newcastle Permanent will reduce its variable home loan interest rates by 0.10% p.a. and from tomorrow we are offering a new guarantee to beat nationally advertised big 4 bank interest rates on a range of equivalent home loans.

Newcastle Permanent has also reviewed and increased its 12-month fixed-term deposit rate by 0.50% and its 2-year and 3-year fixed-term deposit rates by 0.40%, which will become effective from Monday, 8 August.

The variable home loan reduction, effective Friday, 19 August represents an approximate saving of $24 per month for customers with a $400,000 home loan over 30 years*.

“We offer some of the best value, multi-award winning home loans available in Australia and our customers are significantly more satisfied than those of any of the major banks.

How much higher the major banks’ home loan rates are than Newcastle Permanent’s

This chart shows the minimum difference in basis points of the major bank’s Standard Variable Rates for home loans after 19 August 2016.

“For more than 110 years we’ve made home ownership possible for everyday Australians, and we continue to offer consistently fantastic value to home-buyers. Customers of the major banks continue to realise they are just slaves to shareholders’ dividends – and we’re proud to remain customer-owned and customer-focused.”

Customers may choose to maintain the amount they pay off their home loans, effectively paying off their loan balance sooner, or enjoy the benefit of some extra space in their monthly budget.