Home > About us > Member news > Archive of news > TCU cuts rates by 1.15%
TCU cuts rates by 1.15%
06 February 2009
Teachers Credit Union announced today that it will cut its standard variable home loan rate by 1.00%, and the interest rate on some of its other home loan products by up to 1.15%, following the RBA cut to the cash rate.
The new Teachers Credit Union standard variable rate will now be 5.90%pa. The credit union has also made a 1.15% cut to the rate on its Smart Home Loan Package, to a new lowest-ever rate of 5.20% pa.
These rates will be effective 1 March for existing loans, and from 13 February for new applicants. From those dates the rates for owner occupied and investment loans will be:
|
New Rate |
Previous Rate |
Change |
Teachers Flexi Choice
(Standard Variable) |
5.90% |
6.90% |
-1.00% |
My First Home Loan
|
5.69% |
6.69% |
-1.00% |
Smart Home Loan
(Package with additional benefits) |
5.20% |
6.35% |
-1.15% |
Teachers Advantage
(1 year fixed discounted) |
5.10% |
5.89% |
-0.79% |
“We understand that our members are affected by the slowing of the economy, and we want to ease the pressure on them where we can,” said Steve James, Chief Executive of Teachers Credit Union.
“For this reason, we have taken the decision to deliver the full 1% RBA rate cut on our standard variable home loan, and even exceed it on another great value home loan product by 1.15% pa.”
“However, the continuing global financial crisis may mean that we cannot match future RBA rate cuts in full.”
“As a co-operative, we aim to have lower fee income than the industry average, while continuing to support members with competitive products and services, “ said Mr James.
Full details of the revised rates and conditions of all home loan products will be available on the Teachers Credit Union website from Friday 13 February at www.teacherscreditunion.com.au.