MyState drops interest rates

Written By miftah nugraha on Rabu, 07 Agustus 2013 | 19.55

MYSTATE will pass on the Reserve Bank's 0.25 per cent rate cut in full across its variable lending products.

MyState's standard variable rate will reduce to 5.89 per cent with the discounted Special Residential Home Loan rate reducing to 4.94 per cent for loans over $100,000 and with a maximum loan to valuation ratio of 80 per cent.

Chief operating officer Tim Rutherford said the decision had taken into account funding costs and other economic factors.

"We believe that in this economic climate, passing on these rate cuts is not only in the interest of our customers, but the local economy in general," he said.

"Following these latest rate reductions from MyState, a borrower with a $300,000 mortgage will be paying around $2700 per annum less in interest on a standard variable home loan compared to this time 12 months ago."

MyState joins a wide range of banks and financial institutions to pass on the cut including NAB, CBA and the Bank of Queensland.

Westpac exceeded the official drop with 0.28 per cent decrease to 5.98 per cent.

The new interest rate takes effect from August 14 for new loans and August 30 for existing loans.

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