The RBA have handed down a record low official cash rate of 1.25%, down 25 basis points from the previous 1.5%.
Following today's news, bcu, the region’s largest locally owned financial services institution has committed to passing on in full the Reserve Bank of Australia’s interest rate cut of 0.25% to their Owner-occupied Home Loans, Investment Home Loans, Commercial Loans, and Personal Loans.
The interest rate cuts will be effective from 1 July, 2019 and available for new and existing customers.
According to bcu, today’s announcement ensures the community-focused organisation could continue its commitment to helping locals get the most out of their personal budgets.
bcu CEO Alan Butler said the news from the RBA was a great step in driving affordability for Australians.
“In a time of increasing pressures on household budgets, this rate cut would save a typical homeowner who has borrowed $300,000 over 30 years more than $500 a year”, said Mr Butler.
Starting in the early 1970's on the NSW North Coast, bcu have since expanded from Port Macquarie to the Sunshine Coast.