Bank of us today (4 July 2019) announced changes to its home loan and residential investment interest rates.
Bank of us CEO Paul Ranson said the bank’s rates remain among the most competitive in the market.
“After a review of our products and pricing, we have decided to reduce our variable home loan and residential investment interest rates by 15 basis points,” Bank of us CEO Paul Ranson said.
“We’re a small Tasmanian customer owned bank that has always operated at lower levels of profitability as we return more value to our customers. Although the RBA has cut the official cash rate again, the cost of our funding has remained relatively static.
“We’re now in a position where we must balance the interests of both borrowers and depositors, and consider the costs of operating our business, in order to remain sustainable in the longer-term.”
Mr Ranson said the revised rates apply from 1 August for new loans and from 1 September for existing loans.