Quicklinks
Home / Blog / We are reducing interest rates on residential home loans

Attention: open in a new window. Print

mortgage

Even better value for our members

SCU reduces interest rates on residential home loans

Following the recent decrease to the official cash rate of 0.25% announced by the Reserve Bank, we will reduce interest rates on all existing variable rate Mortgage Secured Consumer Loans by 0.25% pa.

In addition, rates on new Mortgage Secured Consumer Loans will reduce by 0.20%.

The 0.25% pa reduction in interest rates will be saving mortgage loan borrowers approx. $62 per month in interest, on a $300,000 home loan. With some of the lowest rates in the history of the Australian mortgage market, first home buyers will also have a good opportunity to get onto the property ladder.

The interest rate changes are effective Monday 1st July 2019 for existing loans, and Friday 14th June 2019 for new loans.