Tasmanian-based lender Bank of us will keep home loan interest rates on hold despite rising funding costs for banks.
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The customer-owned bank was holding true to its original purpose of putting the customer first, chief executive Paul Ranson said on Monday.
“We are fundamentally different to the major banks,” Mr Ranson said.
“We are not driven to maximise profits for shareholders.
“Instead, we reinvest our profits to benefit our customers.
“It means we can offer better products and services and more competitive rates.
“It’s also the reason we’ve decided to leave our home loan interest rates on hold.”
That left the Bank of us standard variable rate home loan for owner occupation at 5.22 per cent.
Mr Ranson said Bank of us’ FlexiDiscount Home Loan would remain at 3.79 per cent and all other home loan rates remained on hold.
The NAB also announced recently it would leave rates on hold, while the other three “big four” banks hiked.
“If NAB had increased its SVR (standard variable rate) by 15 basis points, the average home loan customer with a $300,000 loan would have paid an extra $28 each month, or $336 a year, on their repayments,” NAB chief executive Andrew Thorburn said on September 9.
“A customer with a $500,000 home loan would have paid an extra $47 each month, or $564 per year, on their repayments.”
The NAB standard variable remained at 5.24 per cent.
Tasmanian-based lender MyState Bank had no plans to change lending rates, but continued to review lending and deposit rates in line with any market changes, MyState Limited chief executive Melos Sulicich said.
Its standard variable rate was 5.32 per cent.
The ANZ will increase its standard variable rate from 5.20 per cent to 5.36 per cent.
The Commonwealth Bank will increase its standard variable rate from 5.22 per cent to 5.37 per cent.
Westpac announced a 14-basis point hike to 5.38 per cent.