B&E lowers lending rates

Tuesday 8 May 2012

B&E Personal Banking has today announced a 31 basis point reduction to its variable housing, residential investment and business loans.

The new standard variable rate will be 6.99% p.a. The move ensures that B&E's most popular home loan, Topline, remains a market leader offering consumers a rate of 6.41% on home loans over $300,000 and 6.51% on home loans over $150,000.

B&E Personal Banking CEO Paul Ranson said that the revised home loan rates continue to position B&E well, ensuring Tasmanians have access to one of the lowest standard variable home loan rates on the market.

"When making these decisions, we consider a number of factors including balancing the interests of borrowers and depositors. As a member-owned financial institution, we continue to be committed to keeping our home loan rates as low as possible and providing value for members as opposed to profit for shareholders.

The new rates will apply from May 14, 2012 for new loans and from June 1, 2012 for existing loans.

"There is no doubt that Tasmanians have a real alternative to access highly competitive banking products and services from a financial institution that is Tasmanian owned and operated," he said.