Interest Rate Changes & New First Home Owner Product
4 April 2017
At G&C Mutual Bank we always aim to carefully balance the needs of our borrowing and depositing members. After a prolonged period of falling interest rates commencing in 2011, the last 3 months have seen an increase in funding costs amidst new regulatory restrictions on lending growth and intense competition for retail deposits.
As a consequence of these market and regulatory pressures, G&C Mutual Bank has reviewed its product range and interest rate settings and will be implementing the following changes:
- With effect on 4 April 2017 for new borrowers and 1 May 2017 for existing borrowers, G&C Mutual Bank will be applying a modest rate increase to our variable rate home loan products. The rates on owner-occupied home loans will increase by 0.08% and the rates on loans for residential investment purposes will increase by 0.18%. Click here for our interest rates.
- To assist our younger members who are finding it increasingly difficult to enter the housing market, G&C Mutual Bank has today launched a new First Home Premium Package with a specially discounted variable rate of 3.99%. First home buyers who opt for this new product will have access to a range of benefits, including $0 establishment fee, $0 transactions fees on associated savings accounts, insurance discounts and unlimited redraw and offset facilities.^
- To assist our depositing members, especially the many self-funded retirees who are adversely affected by continuing low interest rates, we have increased our 12 month Term Deposit rate by 0.25% to 2.90%, with that new rate available for amounts up to $250,000. This new 12 month rate is available from today.
^ For the First Home Premium Package full terms & conditions and product comparison rate please refer to our website on www.gcmutualbank.com.au