MyState Bank cuts fixed rate home loans to historic lows
Following the Reserve Bank’s Melbourne Cup Day decrease to the official cash rate, MyState Bank today announced that they will decrease new fixed rate home loans by up to 1.00% effective 9 November.
MyState Bank’s one, two and three year new fixed rate owner-occupied home loans with a loan-to-valuation (LVR) of less than 80% will reduce 30 basis points to a historic low for MyState of 2.09%. While the five year term with an LVR of less than 80% will reduce 100 basis points to 2.79%.
In addition, MyState have also announced a cut to a number of owner-occupied variable rate home loan products by 20 basis points for new lending.
The reductions follows the Reserve Bank move to reduce the cash rate to a record low, the first rate cut since March 2020, in a bid to support the economic recovery in Australia.
MyState’s General Manager Banking Tony MacRae said, “The Reserve Bank have cut official interest rates six times in the last 18 months, and we’re now seeing rates at historical lows. It’s important that we carefully manage lending interest rate changes while balancing the needs of our deposit holders.
“We have reflected on this in our most recent interest rate decision and the outcome of reducing our fixed rates provides new and existing customers the option of certainty of future repayments with a historically low interest rate.
“Since the beginning of COVID-19, we have been committed to supporting affected customers by offering a wide range of support, including options such as deferred loan repayments, the ability to reduce repayment or switching to interest only."
Customers who would like assistance are encouraged to contact MyState Bank’s Customer Care Team on 138 001 or visit their local branch.
Variable rate home loans
- 0.20% decrease to new owner-occupied Basic Variable and Special Residential loans with a loan-to-valuation (LVR) ratio of less than or equal to 60%.
- 0.20% decrease to new owner-occupied Basic Variable and Special Residential loans with a LVR ratio of less than 80%.
- 0.20% decrease to new Standard Variable home loans.
Fixed rate home loans
- 0.30% decrease for new owner-occupied 1, 2 and 3 year fixed rate home loans with a LVR of less than or equal to 80%.
- 1.00% decrease for new owner-occupied 5 year fixed home loan with a LVR of less than or equal to 80%.
Business / Agribusiness fixed rate loans
- 0.20% decrease for new 1, 2, 3 and 5 year fixed rate loans (fully secured).
