The reductions include an 85-basis point cut to four-year fixed rate home loan packages, as well as reductions over two- and three-year terms.
This will see Owner-Occupied loans reduced to 1.99% p.a. and Investment loans lowered to 2.19% p.a. (both over four-year terms).
Business Banking loans with residential security will reduce to 2.29% p.a. fixed for four years.
The reductions follow the recent decision by the Reserve Bank of Australia to cut the cash rate and maintains People’s Choice as one of the country’s most competitive lenders when compared with the Big Four banks.
While the cash rate is a key influence on our rates, we also consider regulatory requirements, funding costs and market demand when setting our rates.
These changes take effect from 10 November 2020.
