Heritage Bank to cut its standard variable home loan rate by 0.25%
Heritage bank will cut its standard variable home loan rate by 0.25%, reducing its variable interest rate to 5.89%.
The rate change will be effective from May 16.
“As a customer-owned bank, we always strive to provide the most competitive interest rates we can,” says chief executive officer John Minz.
“We’re proud that our rates are among the best in the marketplace.
“Following this reduction, our standard variable home loan rate of 5.89% will be 0.28% lower than the average of the Big Four banks, which will have rates above 6%,” says Minz.
Minz says Heritage Bank’s home loan interest rate reflects the bank's intention to give customers the best value possible and not to make profits for shareholders.
Nicola Trotman
With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.
