Tasmanian financial institution B&E Personal Banking’s standard variable rate will remain one of the most competitive in the market after it was announced today that it would be reducing to 5.24%, a 20 basis point reduction. The standard variable rate range for the major banks is 5.35% to 5.43%.
Importantly, the reduction in the standard variable rate will flow onto B&E’s full range of discounted standard variable home loans, including the low rate, no frills FlexiDiscount product which will reduce to just 4.04% p.a. (comparison 4.16% p.a).
The new rates apply from 17 May 2016 for new loans and from 1 June 2016 for existing loans.
B&E Personal Banking CEO Paul Ranson said that when reviewing lending and deposit rates, it is B&E’s aim to balance the interests of borrowers and depositors.
“As a customer-owned financial institution, we are committed to keeping our home loan rates as low as possible and providing value for customers as opposed to profit for shareholders,” said Mr Ranson.
“As part of our commitment, at this point in time our term deposit rates remain unchanged.”