Following the Reserve Bank’s decision to reduce the Cash Rate for a second time in as many months, Police Bank has today announced that it will be cutting Variable Interest Rates for a range of its owner occupied home loans by 0.15 %. This reduction applies to all Variable rate Owner Occupied home loans except the already very low Goldrate Home Loans. These cuts are in addition to the rate cuts that we recently passed on to all our Owner Occupied home loans on July 1st. These changes will be applied to current accounts from August 1st with details appearing on Members next account statement.
Tony Taylor, Police Bank CEO, said ‘As a Member owned bank, we have a joint responsibility to our Members to both remain profitable and to ensure that we are competitive in the market. We are confident that our Variable rate home loan pricing sees Police Bank continue to be ultra-competitive compared to not just the Big 4 banks but most lenders’.
Mr Taylor also commented that ‘our award winning personal loans and credit card continue to represent excellent value for our current and future Members with interest rates under 11% and 12% respectively’.
Members who would like further information on this rate change are encouraged to please contact your local Branch, or call 131 728 8am to 6pm Monday to Friday.