P&N Bank passes on full 0.25% p.a. interest rate reduction from 3 March 2020 across the & Home Loan and all variable interest rate home loan products effective 20 March 2020
Following a reduction in the Reserve Bank's official cash rate on 3 March 2020, P&N Bank has passed on a 0.25% p.a. reduction to its variable interest rate loan portfolio.
Effective from 20 March 2020, rates for new and existing owner-occupiers and investors will decrease across Bank’s variable home lending portfolio. Members have been contacted with details of their new home loan repayments.
The RBA announced a second decrease to the official cash rate on 19 March 2020. P&N has reviewed its portfolio and has made the difficult decision not to pass on the rate decrease, but has announced a relief package for members that may be experiencing the impacts of changed conditions as a result of COVID-19.
P&N Bank has acknowledged the important economic factors at play and is supporting its home loan borrowers in the current market, while balancing the interests of our other members such as investors and transactors.
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