Statements
MyState to cut home loan rates by 10bps, increase 12 month term deposit rate by 20bps
MyState Bank today announced a 10 basis point (bps) cut in variable home loan rates and a 20 bps
increase in its 12-month term deposit rate for both banking brands.
The 10bps and 20bps changes follow the Reserve Bank of Australia cutting its cash rate by 25bps
earlier last week.
The reduction in lending rates brings interest rates to their lowest in more than 50 years, and
ensures MyState remains highly competitive in the home loan market, while also recognising the
need to provide competitive rates for investors.
Following this reduction, the interest rate on MyState Bank’s Special Residential Home Loan for new
owner occupied lending will fall to 3.89 per cent on loans over $100,000 when less than 80 per cent
of a property’s value is borrowed.
The new home loan rates are effective for new and existing borrowers from 30 August 2016, while
the increase in MyState’s 12 month term deposit rate by 20bps to 3.00% is effective 9 August 2016.
MyState Bank