Wednesday, 3 July 2019
Newcastle Permanent has passed on the Reserve Bank’s full rate cut, reducing standard variable home loan interest rates by 0.25% p.a.
The rate cuts will affect all home loan products including Owner Occupier, Interest Only and Investment loans, effective from Monday, 29 July 2019.
The variable home loan reduction represents an approximate saving of $53 per month for customers with a $350,000 home loan over 30 years, or $15 per month for every $100,000 borrowed over the same term.
Customers will be notified of their new repayments directly, and the new interest rate applicable to their loan will be displayed in their online banking transaction listing from 29 July 2019.
“We offer some of the best value, award winning home loans available in Australia and our customers are significantly more satisfied than those of most other banking providers,” said CEO Bernadette Inglis.
“For more than 110 years we’ve made home ownership possible for everyday Australians, and we continue to offer consistently fantastic value to homebuyers. Customers of the major banks continue to realise they come second to shareholders’ dividends – while we’re proud to remain customer-owned and customer-focussed.”
“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,” she said.
“Newcastle Permanent is a customer-owned banking institution. We don’t pay dividends to shareholders, we retain all our profit within the business to maintain our outstanding financial strength and deliver value to customers in the form of exceptional service, award-winning products and competitive interest rates.”