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Wednesday, 3 December 2008

BankSA Reduces Standard Home Loan Variable Rates

 

BankSA has announced that it will reduce its standard variable interest rate by 0.85 per cent to 6.89 per cent per annum, effective Monday, December 8 2008. The offer is available for new and existing customers.

The move follows the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate by one per cent at its December Board meeting yesterday.

BankSA General Manager Mr Chris Ward said we’re pleased to pass on the majority of the interest rate reduction for customers. 

“We have no doubt that this move will again be welcomed by our customers – we’re very mindful of the impact that increased home loan rates has had on our customers over recent times.

“We’re committed to ensuring we have a competitive offering for our customers at all times,” Mr Ward said.

On an average loan of $250,000 over 25 years, home loan repayments will decrease from $1,897 per month to $1,760 per month – saving customers $137 every month (0.85 per cent decrease).


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