WA’s largest bank, customer-owned P&N Bank has decreased its lending rates by up to 18bps following the Reserve Bank of Australia’s (RBA) official cash rate change announced on Tuesday.
As well as these changes, P&N have recently made changes to their fixed rate home loans which are some of the most competitive rates in the market for both owner occupiers and investors and provide a significant opportunity for customers to make the most of the record low interest rate environment.
Effective from 23 July, new and existing owner-occupiers and investors will benefit from lower rates across the Bank’s home lending portfolio.
Unlike some of the major banks who last year increased their home loan rates, P&N has held their rates flat and continues to offer some of the best rates in market. P&N’s new one-year introductory rate for new and existing customers will be 3.15% p.a.
For & Home Loan customers, P&N’s & Visa Platinum credit card purchase rate will also decrease to match the 3.63% p.a & Home Loan rate at a time when other Visa credit cards attract rates of more than 11.49% p.a.
Furthermore, as one of the few Australian lenders to offer reverse mortgages, P&N has prioritised passing on a 18bps reduction to its reverse mortgage loan customers to provide the opportunity for older customers to utilise the equity in their home to achieve their immediate financial goals – improving their lifestyles in retirement.
In announcing the rate changes, P&N General Manager, Member Experience, Anna Pearce, confirmed that as a customer-owned bank, P&N is committed to providing value to all their customers above anything else.
“Unlike the listed banks, customer-owned P&N is not focussed on making profits for third party shareholders so we’re able to offer the most competitive lending and deposit rates we can while retaining a small margin to operate and develop the Bank for our customers in a sustainable way.
“At a time when other lenders have increased their rates out of cycle, P&N has held our lending rates steady while offering additional features that benefit our customers’ hip pockets. In passing on the 18bps reduction to our & Home Loan, P&N customers have access to one of the most competitive offers in market when comparing like for like loans.
“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
|Institution||Current Rate||Rate Cut||Proposed Rate|
|ANZ (Standard Variable Rate Loan)||5.18||-0.25||4.93|
|Bankwest (Premium Select)||3.99||-0.19||3.80|
|CBA (Standard Variable Rate Loan)||5.12||-0.19||4.93|
|NAB (Tailored Home Loan)||5.11||-0.19||4.92|
|Westpac (Rocket Repay Home Loan)||5.18||-0.20||4.98|
|Source: Institutional websites and Mozo|
|P&N & Home Loan||3.81||-0.18||3.63|
The variable rate changes will take effect on 23 July 2019.
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