Teachers Credit Union cuts variable home loan rates by 0.15%

Teachers Credit Union has announced that it will cut its standard variable home loan rates by 0.15%pa, following the RBA reduction in the cash rate.

The new Teachers Credit Union standard variable rate will now be 5.75%pa.

“We have been able to reduce all our variable home loan rates by 0.15% to give our members a share of the RBA cut, because in the current climate every bit helps,” said Steve James, Chief Executive of Teachers Credit Union.

“We will pass on as much as we can of any RBA rate cut, provided it is consistent with maintaining responsible margins.”

With Teachers Credit Union currently running its biggest ever home loan sale, these further rate cuts make the offer even better. For example, there has been an additional 0.15% reduction in the already low rate, benefit-laden Smart Home Loan Package, which is now an incredible 5.05%pa.

These rates will be effective 1st May for existing loans, and from 21st April for new applicants. From those dates the rates for owner occupied and investment loans will be:

	New Rate	Previous Rate	Change
Teachers Flexi Choice (Standard Variable)	5.75%	5.90%	-0.15%
My First Home Loan	5.54%	5.69%	-0.15%
Smart Home Loan (Package with additional benefits)	5.05%	5.20%	-0.15%
Teachers Interest Only Loan (Variable)	5.75%	5.90%	-0.15%

Earlier this month, Teachers Credit Union cut rates on its 3 year fixed rate home loans by 0.9%, independently of RBA rate movements.

Its Teachers Fixed Option Loan 3 year fixed rate went from 6.49% to 5.59%pa, and the Teachers Interest Only Loan 3 year fixed interest rate went from 6.59% to 5.69%pa.

Full details of the revised rates and conditions of all home loan products will be available on the Teachers Credit Union website from Tuesday, 21st April.

Media contact: 

Gillian Tatt
Senior Public Relations Officer
Email: gtatt@teacherscreditunion.com.au
Phone: (02) 9735 9825
Mobile: 0448 259 942