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P&N Bank is reviewing its position in relation to the RBA's official cash rate announcement on Tuesday 5 July 2022. We will make a further announcement on this soon. View details
KEY POINTS
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.”
|
Existing rate |
Rate cut |
Proposed rate |
Effective date |
||||
ANZ (Standard Variable Rate Loan) |
4.39% p.a. |
0 |
No change |
Not applicable |
||||
CBA (Standard Variable Rate Loan) |
4.55% p.a. |
0 |
No change |
Not applicable |
||||
NAB (Tailored Home Loan) |
4.52% p.a. |
0 |
No change |
Not applicable |
||||
Westpac (Rocket Repay Home Loan) |
4.58% p.a. |
0 |
No change |
Not applicable |
||||
Bankwest (Mortgage Shredder |
4.75% p.a. |
0 |
No change |
Not applicable |
||||
P&N & Home Loan |
3.22% p.a. |
-0.10% |
3.12% p.a. |
20 November 2020 |
Source: Institutional websites and Mozo
Institution |
3 year |
|
ANZ, Owner occupied, P&I |
2.09% p.a. (-0.20%) |
Breakfree Package - $395 per annum |
NAB, owner occupied, P&I |
2.09% p.a. (-0.20%) |
NAB Choice Package - $395 per annum |
CBA |
2.14% p.a. (-0.15%) |
Wealth Package - $395 per annum |
Westpac |
2.09% p.a. (-0.20%) |
Premier Advantage Package - $395 per annum |
P&N Bank |
1.99% p.a. (-0.20%) |
No package fee |
Source: Bank press releases published on websites.
All the above are for owner occupied, P&I, fixed rate home loans.
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