Rate up by just 24 bp

Teachers Credit Union today broke ranks with other financial institutions and announced it would be increasing its home loan standard variable rate (SVR) by just 24 basis points, slightly less than the Reserve Bank’s increase in the official cash rate.

This brings Teachers Credit Union’s SVR to 6.49% pa, effective on 10 December for new loans, and 1 January 2010 for existing mortgage holders.

Teachers Credit Union CEO Steve James said, “The credit union is in a strong position financially, despite a challenging year. We’re choosing to support our home loan borrowers by absorbing a little of the RBA increase.”

Media contact:

Gillian Tatt
Senior Public Relations Officer
email: gtatt@teacherscreditunion.com.au
Ph: 02 9735 9825
Mob: 0448 259 942.