Heritage passes on cash rate reduction

Heritage Building Society has today reinforced its People first philosophy by announcing it will be decreasing its variable mortgage and business lending interest rates by 0.25 percent effective 14th November 2011 following the Reserve Bank of Australia’s decision to decrease the official cash rate.

Heritage CEO Mr John Minz said that Heritage had been closely monitoring recent market conditions and was pleased to be able to deliver its members continued value by passing on the full rate reduction to both retail and business banking product holders.

“In the current environment, I am sure that the additional reductions in both mortgage and business lending repayments will be a welcome relief to household and business budgets” Mr Minz stated.

Heritage recently announced plans to change its name to Heritage Bank. The proposal was overwhelmingly supported by members at the Annual General Meeting in October.

“When we announced to our members our proposal to change our name to Heritage Bank, we assured them it was a necessary step to remain relevant to future generations.

“In changing our name we will not be changing who we are, we will not be altering from our ‘People first’ philosophy that has served us and our members so well.

“Today’s announcement reinforces that Heritage will always put its members first, we have been doing it for over136 years and changing our name will not change that.”

Mr Minz added, “Heritage continues to offer competitive interest rates across its range of savings and term deposit accounts. Any reduction in the interest rates applying to these products will be measured and restrained to ensure that our members continue to get a better deal.”

“Heritage will continue to provide safety and security for its members. As Australia’s largest building society, and soon-to-be, largest mutual bank, we aim to offer our members a better deal by providing competitive fees and charges, higher deposit rates, lower lending rates and better service when compared to the major banks.

“If you are someone who values these qualities in a financial institution I encourage you to talk to our helpful staff about how we may assist.”

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.