Community CPS Australia Group Cuts Interest Rate - December 2011
Announcement posted by Beyond Bank Australia 06 Jan 2012
One of the country’s largest and most influential credit unions, Community CPS Australia, has followed the Reserve Bank’s move to slash the official cash rate by 25 basis points, announcing today it will reduce its standard variable interest rate by a quarter of a per cent, effective from Tuesday, 20 December.
Community CPS Chief Executive Officer, Robert Keogh, said the decision reflects the credit union’s commitment to delivering value to its members.
“As a mutually owned organisation we exist for the benefit of our members and passing on this rate reduction is just part of providing them with the best possible products and a quality relationship,” Mr Keogh said.
“The Community CPS Australia Group has grown into one of the country’s strongest performing, mutually owned financial institutions and we want to reward our members for their commitment and trust in our organisation.
“One of our passions is helping people get a foot in the housing market door and this is just one way we can make that a little easier for them.
“Following the rate cut our members will save around $30 per month on a mortgage of $150,000. Given the average mortgage is around $300,000 this will be a significant saving for Australian families.”
All details on Community CPS’ loan packages and interest rates are available through the website www.communitycps.com.au
ABOUT THE COMMUNITY CPS AUSTRALIA GROUP