03/11/21 Auswide Bank cuts home loan rates despite RBA maintaining the cash rate

3rd November 2021

Auswide Bank cuts home loan rates despite RBA maintaining the

cash rate

Auswide Bank today announced it has decreased a range of owner occupied and investment home loan interest rates for new customers by 10 to 30 bps despite the Reserve Bank of Australia's 2 November 2021 decision to maintain the official cash rate. Auswide Bank fixed rate home loan interest rates remain on hold amidst of competition looking to lift their fixed rates.

After a fantastic record breaking year for home loans, Auswide Bank is looking to continue this momentum.

According to Auswide Bank's Head of 3rd Party, Tracy Field, these changes will support both a strong market position and an appropriate balance in Auswide Bank's portfolio.

The reduced rates are available through our national broker channels.

Auswide Bank home loan rate changes include:

For loan with >75% <=90% Loan-to-Value Ratio (LVR)

• 0.20% cut to Owner Occupied Basic Home Loan Variable to 2.39%p.a. (2.41%p.a.comparison rate)
• 0.30% cut to Owner Occupied Freedom Package Special Variable to 2.59%p.a. (3.01%p.a.comparison rate )
• 0.20% cut to Investment Basic Home Loan Variable - principle and interest - to
  2.49%p.a. (2.51%p.a.comparison rate)
• 0.10% cut to Investment Basic Home Loan Variable - interest only - to 2.79%p.a. (2.81%p.a.comparison rate)
• 0.20% cut to Investment Freedom Package Special Variable - principle and interest - to 2.79%p.a. (3.21%p.a. comparison rate)
• 0.20% cut to Investment Freedom Package Special Variable - interest only - to
  2.89%pa (3.30%p.a. comparison rate)

For loans with <=75% Loan-to-Value Ratio (LVR)

• 0.20% cut to Owner Occupied Freedom Package Special Variable to 2.29%p.a. (2.72%p.a. comparison rate)
• 0.20% cut to Investment Freedom Package Special Variable - principle and interest - to 2.49%pa (2.91%p.a. comparison rate)
• 0.20% cut to Investment Freedom Package Special Variable - interest only - to
  2.59%pa (3.01%p.a. comparison rate)

In addition to these home loan interest rate cuts, Ms Field said Auswide Bank will continue to open the doors for investors with a bonus 0.20%p.a. discount.

"An additional discount of 0.20%p.a. will be applied to the applicable investment home loan annual percentage interest rate when the customer also applies at the same time for a new owner occupied home loan, or refinances an existing owner occupied home loan from another lender to Auswide Bank."

"This discount offers a longer term benefit to customers as it is applied to the term of the loan rather than the upfront 'cash-back' offers we are seeing being offered by other lenders" said Ms Field.

"Providing the support and finance to help Australians into their homes is a core part of everything we do" Damian Hearne, Auswide Bank Chief Customer Officer said.

"Today's announcement will assist those customers wanting to get ahead on home loan repayments, as well as new home buyers looking to purchase a property

Mortgage brokers who would like information on this rate change and the investment loan offer are encouraged to contact their Business Relationship Manager or visit www.auswidebrokers.com.au.

ALL MEDIA ENQUIRIES TO:

Karyn Kelly

Head of Marketing

M: 0414 011 695

About Auswide Bank Ltd

Auswide Bank helps Australians with an extensive range of personal and business banking products and services issued directly or in partnership with leading service providers viabranches, strategic relationships and online & digital channels.

Even though we are a smaller bank, we believe that it's the small things that make us different and can make a big difference for our customers and communities.