MyState Bank passes on rate cut in full

MyState Bank today announced that it will reduce the interest rate for variable rate home loans by 0.25% for both new and existing home loans.

Following the change MyState Bank’s Basic Variable Rate Home Loan with a loan to valuation (LVR) ratio of less than 80%, will reduce to 2.83% while First Home Loan Deposit Scheme loans will reduce to 2.78%.

MyState’s General Manager Banking Tony MacRae said, “We have taken the decision to pass on the full amount of the Reserve Bank’s 25 basis points cash rate reduction, recognising the benefits for customers repaying mortgages and those considering taking out a home loan for the first time.

“We offer one of the most competitive rates for first home buyers, which has helped many to enter the market and take advantage of the lowest interest rates for generations.

“First home buyers have also responded positively to the federal government’s First Home Loan Deposit Scheme which which makes it easier for those saving for a mortgage, allowing them to own their home with a deposit as low as 5% without the need for lenders mortgage insurance. We encourage first home buyers to act quickly to reserve their place in the Scheme as places are limited and are filling fast.”

Customers who would like assistance with new or existing home loans, or would like to know more about the First Home Loan Deposit Scheme are encouraged to contact MyState Bank’s Customer Care Team on 138 001 or visit their local branch.

The effective date for the rate decrease is 31 March 2020.