B&E Personal Banking has today announced a 20 basis point reduction to its variable housing and residential investment rate.
The new standard variable rate will be 5.44% p.a. and will apply from May 20, 2015 for new loans and from June 1, 2015 for existing loans.
B&E Personal Banking CEO Paul Ranson said that the revised home loan rates position B&E well, ensuring Tasmanians have access to one of the most competitive standard variable home loan rates on the market.
"Importantly, this reduction in our standard variable rate will flow on to our low rate, no frills FlexiDiscount home loan which will reduce to just 4.24% p.a. (comparison 4.40% p.a.) from May 20," Mr Ranson said.
"FlexiDiscount offers a heavily discounted variable rate on loans of more than $100,000 where the loan to valuation ratio is equal to or less than 80%. With no annual package fees, Tasmanians will be hard pushed to find a better way to finance their dream home or residential investment portfolio," he 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.