Heritage Bank announced today it will pass on the full 0.25% rate cut across its variable rate home loans and business banking loans, following the Reserve Bank of Australia’s decision yesterday to reduce the official cash rate.
CEO Mr John Minz said the 0.25% cut maintained Heritage’s competitive advantage against the big banks and delivered on its People first philosophy.
"As a customer-owned bank, we always strive to provide the most competitive interest rates we can," he said.
"We’re proud that our rates are among the best in the marketplace. We have passed on the rate cut across the home loan and business banking portfolio.
"Heritage exists to give our customers the best value possible, not to make profits for shareholders, and this is reflected in our home loan rates."
Following the reduction, Heritage’s special Discount Variable rate will be just 4.34% and its special Standard Variable rate will be just 4.64%.*
The rate change will come into effect from Friday, 20 February.
* for home loans greater than $150,000 and (for Discount Variable) an LVR<80%
For more information please contact: Andrew Fox, Corporate Communications Manager, 0419 714 204