On 3 July 2019, the Reserve Bank of Australia (RBA) reduced the official cash rate by 0.25%p.a. The new rate of 1.00%p.a. is the lowest official cash rate in Australia’s history. Following the reduction, Queensland Country Credit Union has reviewed the interest rates on our entire range of savings, investment and lending products.
Our organisation primarily funds the loans we issue from the deposits of our Members. Each time we reduce interest rates on loans, we must look to pass on similar reductions to our depositing Members. While we don’t, as a Member-owned organisation, aim to make the same level of profits as our publicly listed competitors, a certain level of profit must be achieved to remain a sustainable business that is able to continue serving our communities.
In working to satisfy the needs of both our depositing and borrowing Members following the recent reduction in official interest rates, Queensland Country will reduce the interest rates on the following home loans from 1 August 2019
- The Standard Variable Rate for Principal and Interest owner occupied and investment loans will drop by 0.15%p.a.
- The Standard Variable Rate for Interest Only owner occupied and investment loans will drop by 0.15%p.a.
- The Home Equity loan rate will drop by 0.15%p.a.
- The Line of Credit rate will drop by 0.15%p.a.
While we are unable to reduce home loan interest rates at the same percentage as the recent RBA reduction in official cash rates, Queensland Country’s range of home loan products remain very competitive.
We encourage any Member wishing to discuss their personal situation to call us on 1800 075 078.