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Hunter United reduces rates after RBA rate cut

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Hunter United, has today announced that it will pass on the full rate reduction of 0.25% to their Standard Variable home loan and Platinum home loan customers (new rates of 4.95% and 3.95% respectively), and by 0.10% on all other variable rate home loan products.

These rate reductions are a result of the Reserve Bank of Australia (RBA) decision to cut  the cash rate on Tuesday 3rd May by 25 basis points. The new interest rates will be effective for existing Hunter United customers from Wednesday 1st June 2016.

New CEO Tim Blomfield said the cuts present bottom line challenges for all financial institutions but  the core of Hunter United’s philosophy is to offer a fair deal for their customers and part of that is keeping rates low and competitive. Mr Blomfield said that Hunter United had resisted following the out-of-cycle upward rate movement of the majors last year.

 “Hunter United doesn’t have shareholders. Instead, we’re customer-owned and aim to provide a customer-focused alternative to the profit driven banks. We reviewed our home loan portfolio and were able to pass on a legitimate, full rate reduction on our most popular products, our Standard Variable and Platinum home loans.”

Hunter United’s rates remain competitive, with the Standard Variable rate reducing to 4.95% (comparison rate 5.07%), which is below the major bank’s standard variable rates. Exciting news for customers is the Platinum home loan offering a rate reduction to 3.95% (comparison rate 4.07%), placing it amongst the lowest variable home loan rates in the market.

“There has probably never been a better time for mortgage holders to consider switching lenders to get a better rate and Hunter United is committed to remaining competitive.” Mr Blomfield said.

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