Bank of us has announced it will be reducing its home loan and residential investment interest rates in response to the RBA's October cash rate decision.
"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 understand some customers have an expectation that the full amount of the cash rate reduction will flow through to lending interest rates, however, the cash rate is only one of the many factors we have to consider when making a change to interest rates.
“Fortunately, we don’t have to maximise our profits for shareholders, but in this low interest rate environment, we must balance both our borrowers’ and depositors’ expectations, and make sure that our business remains sustainable for the long-term,” said Mr Ranson.
Mr Ranson said the revised rates for existing loans will apply from 1 November 2019,