09 February 2015

B&E Personal Banking has today announced a 25 basis point reduction to its variable housing and residential investment rate.

The new standard variable rate will be 5.64% p.a. and will apply from February 20, 2015 for new loans and from March 1, 2015 for existing loans.

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 most competitive standard variable home loan rates on the market.

"Alongside this rate reduction, this month we will be launching a new market leading no-frills, low rate home loan offer. Our FlexiDiscount Home Loan will offer a discounted rate of 1.20% off the standard variable rate on loans more than $100,000 where the loan to value ratio is equal to or less than 80%," Mr Ranson said.

"Effective February 20, FlexiDiscount will offer eligible consumers a rate of 4.44% p.a. (comparison 4.60% p.a.). This is exceptional value in the market and Tasmanians will be hard pushed to find a better way to finance their dream home," Mr Ranson said.

"When reviewing our lending and deposit rates, we consider a wide range 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," Mr Ranson said.

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