Adelaide Bank has announced it will decrease residential variable home loan interest rates by 0.25% p.a.
Bendigo and Adelaide Bank Managing Director Mike Hirst said the adjustment aims to find a fair balance for all of the Bank’s key stakeholders.
“When setting interest rates our Bank needs to take into account a wide range of factors and carefully consider its key stakeholders including borrowers, depositors, staff, shareholders, partners and the wider community,” Mr Hirst said.
Customers with an average variable home loan of $250,000 will see their repayments decrease by $40 a month (principal and interest home loan over 30 years).
The adjustment is effective 26 August 2013 for existing loans.