(2 June 2010 – Australia) Westpac Banking Corporation-owned St George has announced this week that it would be cutting its two year fixed rate to 7.15 percent, a 40 basis point reduction.The bank also said in a statement that its new St George Advantage Package loans would be eligible for a further discount of 15 basis points, bringing it down to 6.99 percent per annum for loans of A$150,000 or more.
St George Bank chief executive, Greg Bartlett, said the rate decrease would be welcome news for home loan customers looking to lock in a competitive, fixed rate home loan.
For customers seeking interest rate certainty, St George’s 2 year fixed rate home loan now represents even better value for money, Mr Bartlett said.
St.George offers customers Australia’s widest range of home loans, with a number of flexible features, including the ability to split loans between fixed and variable rates, the group’s CEO added.
The bank’s announced rate changes take effect on the 4th of June 2010.