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Teachers Credit Union Lowers Rate
Teachers Credit Union announced today it will reduce interest rates on all 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%.
Teachers Credit Union bases its interest rate decisions on:
“Our funding mix is different to the big four banks, as we predominately fund our loans from member deposits,” said Steve James, CEO of Teachers Credit Union.
“We are influenced by cash rate movements but not to the exclusion of the above considerations. Prudently managing member funds and providing member value are the major influencers of our product pricing.”
The new rates will apply shortly for new home loan contracts, within the next two weeks. For existing home loan contracts, in line with Teachers Credit Union practice the new rates (whether increased or decreased) become effective on the first of the month following the announcement, in this case 1st January 2012.
Teachers Credit Union members recently voted for it to become Teachers Mutual Bank. The credit union must also gain approval from the regulator APRA (Australian Prudential Regulation Authority).
Community Investment and PR Specialist, Teachers Credit Union, on 0448 259 942