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The Mutual Bank reduces loan interest rates



The Mutual Bank has announced the following reductions to its loan interest rates:
  • Owner-Occupied and Investment Home Loan variable interest rates reduced by 0.15%p.a. effective 14 October 2019
  • Commercial Loan variable interest rates reduced by 0.10%p.a. effective 14 October 2019
  • Owner-Occupied and Investment Home Loan fixed interest rates reduced by up to 0.55%p.a. effective from Friday 4th October 2019
This follows the recent announcement by the Reserve Bank of Australia to reduce the official
cash rate by 25 basis points last week, to 0.75%.

As a member-owned bank, interest rates are reviewed regularly to ensure we remain both
competitive and sustainable.

CEO, Geoff Seccombe stated, “These historically low Home Loan and Commercial Loan
interest rates will provide further relief for families and business owners across our region
and present a great opportunity for First Home Buyers looking to enter the property
market.”

The potential for further RBA cash rate reductions appear likely and the challenge for The
Mutual Bank is to maintain the balance for all our members, particularly those who rely on
the income from their savings.”

The Mutual Bank’s CEO, Mr Geoff Seccombe, said that The Mutual Bank seeks to achieve
financial sustainability that balances the needs of all members.


About The Mutual Bank:

Maitland Mutual Limited, trading as The Mutual Bank, is a customer-owned, member-centric
organisation committed to delivering industry leading service and financial products to the
Hunter Region. Established in 1888, The Mutual Bank is the Hunter’s oldest financial
institution. https://www.themutual.com.au/