P&N Bank passes 0.10%pa reduction on variable interest rates

KEY POINTS

• P&N Bank passing on a rate reduction of 0.10% p.a. on several variable home lending products, and also a rate reduction on fixed rate home loans, for owner-occupiers and investors.
• A three-year Fixed Rate Home Loan rate of 1.99% p.a. with no package fees.
• We recommend our customers always compare like-for-like rates in market.

WA’s customer-owned P&N Bank has decreased rates on several variable and fixed rate home lending products by up to 0.10% p.a. for variable and 0.96% p.a. for fixed following the Reserve Bank of Australia’s (RBA) official cash rate change announced on Tuesday.

Effective from 20 November 2020, new and existing owner-occupiers and investors will benefit from lower rates across the Bank’s & Home Loan, & Basic, Simple and & Investor variable home lending portfolio.

Effective from 11 November 2020, the three year Fixed Home Loan rate for new and existing owner-occupiers will be 1.99% p.a.

In announcing the rate changes, General Manager P&N Bank, Anna Pearce, said that as a customer-owned bank, P&N had made the decision to pass on as much of this rate cut to help customers. 

We acknowledge it has been a hard year for many, so unlike the major banks, we’ve passed this benefit on to put money back in our customers’ pockets,” Ms Pearce said.

“As a customer-owned bank, we are not here to make profits for third party shareholders and any profits assist us to maintain our reserves and are required to ensure we have a sustainable business on behalf of our members.

“With the record low interest rate environment, P&N’s lower lending rates provide the opportunity for existing and new customers to save money. I encourage everyone to compare like-for-like product features and not just the advertised rates when reviewing their existing lending arrangements to optimise their personal financial situation.

"The P&N lending team can help by undertaking a full lending assessment for existing and new customers and can be contacted on 13 25 77.”

Variable Home Loans with offset – Owner Occupied P&I

Source: Institutional websites and Mozo 

Fixed Rate Home Loan – Owner Occupied P&I

Source: Bank press releases published on websites.

All the above are for owner occupied, P&I, fixed rate home loans.