Auswide Bank has decreased both home and business loan interest rates for its customers, following today’s decision by the Reserve Bank of Australia (RBA) to decrease the cash rate by 0.25 of a percentage point.
Auswide Bank will decrease interest rates on existing home and business loans by 25 basis points (O.25%) effective from Friday 28 February 2025.
Pricing for new home loans and credit cards remains under review.
Damian Hearne, Auswide Bank’s Chief Customer Officer said the RBA noted that inflation had reduced "substantially" from its peak in 2022.
He said while market analysts and economists had largely predicted today’s decrease, it would be welcome news to borrowers.
“Despite the spate of interest rate increases since November 2020, our borrowers have in the main managed their loans very well with our arrears well below our peers.”
“Of course, cost of living is still a factor for many customers and our customer support teams are always available to assist borrowers who may experience difficulties in repaying their loans", said Damian.
