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Bankstown City Unity Bank Interest Rate Changes Effective 1 April 2020

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Bankstown City Unity Bank today announced rate cuts across its lending portfolio following the Reserve Bank’s decision on 4 March 2020 to reduce the official cash rate.

Effective 1 April 2020, Bankstown City Unity Bank will reduce all new and existing Owner Occupied and Investment variable home loans, Line of Credits and Business Overdrafts by 20 basis points.

Bankstown City Unity Bank’s decision was made after thoroughly considering all impacts – with our Members’ interests always top of mind. The decision on interest rates signifies a balanced approach between the needs of borrowers and depositors while maintaining Bankstown City Unity Bank’s financial strength for our Members now and into the future.

While a reduction in interest rates is good news for borrowers, this is not the case for depositors, pensioners and self-funded retirees, whom rely on the interest they earn from deposits to fund their living costs. It is important to remember that the RBA cash rate is only one of several variables that affect decisions about interest rates.

The new rates on our savings/deposit products will take effect on 19 March 2020, with the exception of changes to our Bonus Saver accounts which will take effect on 1 April 2020. All new rates are available on our website. The Bank’s interest rates remain competitive across lending and deposit products, especially compared to the big banks.

As always, we pride ourselves on looking after the best interests of our Members and remain committed to providing exceptional value through our products and services.

If you require any further information about the impact of the above rate changes, please don’t hesitate to give us a call on 1300 65 4477.