AMB lowers interest rates by up to 1.00%
Following the announcement by the Reserve Bank of Australia to lower the official cash rate from 0.25% to 0.10%, Australian Military Bank has reviewed its interest rates with consideration to both the market and our members. Australian Military Bank wishes to announce the below changes to interest rates:
- Reduction to new owner occupied construction loans by up to 0.57%
- Reduction to fixed investment loans by up to 1.00%
- Reduction to fixed owner occupied rates of 0.15% (2 and 3 year terms)
Australian Military Bank CEO, Darlene Mattiske-Wood, said "We understand that the past year has been difficult for many Australians. We believe that it is important to support our members as well as the economy during these difficult times therefore we have made the decision to pass on reductions to our fixed and construction interest rates aligning to support for housing development and where we are seeing growing interest from our members. Naturally, this will be balanced with changes to some deposit rates."
These changes will be effective on the 24th of November 2020.
