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Bank slashes rates by up to 30 basis points

Bank slashes rates by up to 30 basis points

A non-major lender has announced its second home loan rate cut in a month.

MyState Limited, the ASX-listed banking and wealth management group incorporating MyState Bank and The Rock, today announced that, effective today, its fixed rate for two-year owner-occupied loans with a property value less than or equal to 80 per cent will fall by 29 basis points to 3.69 per cent, making it one of the lowest in the market.

In addition, the fixed rate for three-year investor home loans with a property value less than or equal to 80 per cent will drop 30 bps to 3.99 per cent, MyState Limited confirmed.

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This follows the announcement earlier this month that MyState’s and The Rock’s variable home loan rates would be reduced by 10 bps effective 30 August 2016. In addition, there was a 20 bps increase in the 12-month term deposit rate for both banking brands.

“The latest fixed rate cuts are part of the group’s ongoing efforts strike a fair balance between the need to relieve pressure on customers and the continuing pressure to attract sufficient funding,” MyState’s executive general manager of sales and distribution, Huw Bough, said.

“Following the recent decision to increase 12-month deposit rates by 20 bps both MyState and The Rock felt it appropriate to more than match the RBA’s 25 bps cash rate for these two loan categories,” he said.

“Where we can, we do pass on reductions because the key to our success is providing brokers with competitively priced products and great service, which in turn helps them win business.”

[Related: Analysis: Majors under attack over meagre rate cuts]

Bank slashes rates by up to 30 basis points
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