Tuesday, 3 March 2020
Newcastle Permanent will pass on the full 0.25% p.a. reduction to all standard variable home loan interest rate customers.
As a customer owned organisation, we are here for good, and to support our customers and communities. We are committed to playing our part in supporting the economy through the exceptional circumstances we currently face, and following an unusually difficult summer throughout Australia, this interest rate reduction will help support our home loan customers.
We proudly 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.
This interest rate reduction will save $59 a month or $708 a year for a customer paying off a $400,000 home loan over 30 years. The change will be effective from 24 March 2020.
This reduction means we’ve lowered our variable home loan interest rates by 0.88% p.a. since June 2019, more than any major bank and the majority of our mutual peers.
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.
Having passed on this reduction in full, we continue to face the ongoing challenge of a cash rate nearing zero. We will continue to balance the needs of all of our customers as well as ensuring the long term sustainability of Newcastle Permanent.