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Teachers Credit Union Lowers Home Loan Interest Rates
Teachers Credit Union announced today it will reduce interest rates on its variable home loan products by 0.25%, following the Reserve Bank’s announcement on Tuesday that it would lower the cash rate by 0.25%.
“As a member owned, member focused mutual, it’s important to us to pass on RBA cuts to members wherever possible,” said Steve James, Chief Executive Officer of Teachers Credit Union.
“As a mutual we are able to balance competitive interest rates with the reinvestment of profits back into better products and services, so that the benefits come back to our members.”
The new rates will apply shortly for new home loan contracts, within the next week. For existing home loan contracts, in line with Teachers Credit Union practice the new rates become effective on the first of the month following the announcement, in this case 1 December 2011.
Teachers Credit Union recently announced its bid to become a mutual bank. Its members will vote on the proposal at its upcoming AGM on 26 November. Subject to a successful vote, the credit union must also gain approval from the regulator APRA (Australian Prudential Regulation Authority).
Community Investment and PR Specialist
P: 02 9735 9825
M: 0448 259 942