Community CPS Australia Group cuts interest rate

One of the country’s largest and most influential credit unions, Community CPS Australia - trading as Wagga Mutal Credit Union in Wagga Wagga - today announced it will reduce its standard variable interest rate to 6.84 per cent, effective from Tuesday, 15 May.

Community CPS Chief Executive Officer, Robert Keogh, said the reduction meant that the credit union’s standard variable home loan rate continues to be a minimum of 0.15 per cent lower than the best on offer from the big four banks.

“As a mutually owned organisation we exist for the benefit of our members and reducing our rate is just part of providing them with the best possible products and a quality relationship,” Mr Keogh said.

“Following the 30 basis point rate cut our members will save around $58 per month on a mortgage of $300,000, a significant saving for Australian families.

“At the same time we haven’t reduced our savings account rates and a reduction of 0.10 to 0.25 per cent reduction on term deposit rates ensures we also remain very competitive for deposits.”

All details on Community CPS’ loan packages and interest rates are available through the website www.waggamutual.com.au

ABOUT THE COMMUNITY CPS AUSTRALIA GROUP
The Community CPS Australia Group is one of the largest customer owned financial institutions in Australia, with assets under management approaching $4 billion. The credit union employs 585 staff across 48 branches, servicing more than 180,000 members. Community CPS is located in South Australia and the Australian Capital Territory, and operates as Wagga Mutual Credit Union in Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community in Western Australia.
The Group comprises activities in banking, the community (including the Community CPS Foundation) and professional services (wealth management, tax and accounting services via Eastwoods). For more information visit www.communitycps.com.au