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SERVICE ONE announces further decreases to variable rate home loans and other rate changes

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SERVICE ONE will pass on the 25 basis point reduction following the Reserve Bank of Australia's cut to the offiical cash rate earlier in the month across the range of variable rate home loans – for both owner occupiers and investment, and includes those borrowers on Interest Only repayments. This reduction will also apply to the line-of-credit home loan.

These decreases will become effective Tuesday 31 March 2020 (unless otherwise indicated) and include the following for loans with principal and interest repayments:

Loan type Current rate (% p.a.) New rate (% p.a.) Change (% p.a.)
Standard Variable ($500k or more) OO 3.65 3.40 -0.25
Standard Variable ($250k - $499,999) OO 3.75 3.50 -0.25
Standard Variable ($50k - $249,999) OO 3.90 3.65 -0.25
Standard Variable (less than $50k) OO 4.40 4.15 -0.25
HomePlus line-of-credit OO 4.95 4.70 -0.25
Visa card secured by an OO home loan (effective 1 April 2020) 4.40 4.15 -0.25
Standard Variable ($500k or more) I 3.78 3.53 -0.25
Standard Variable ($250k - $499,999) I 3.88 3.63 -0.25
Standard Variable ($50k - $249,999) I 4.03 3.78 -0.25
Standard Variable (less than $50k) I 4.53 4.28 -0.25
HomePlus line-of-credit I 5.75 5.50 -0.25
Visa card secured by an I home loan (effective 1 April 2020) 4.53 4.28 -0.25

OO = Owner Occupied, I = Investment

Borrowers with loans affected by these changes will receive correspondence confirming the change and how it impacts them. And if borrowers are in a position to maintain current loan repayments, this is encouraged as it will provide an opportunity for borrowers to get ahead on their loan and potentially pay off their loan sooner. Otherwise, they can request SERVICE ONE to apply the minimum repayment amount based on the new, lower rate. Given the added pressure COVID-19 has placed on some households, these borrowers are encouraged to speak to us about recalculating their minimum repayments. Additional measures can be accessed as part of SERVICE ONE’s COVID-19 Assistance Package

Any SERVICE ONE borrower experiencing financial hardship or wanting to discuss their home lending arrangements in more detail should phone 1300 361 761 or visit their local Branch. 

Effective Friday 20 March 2020, the following rate changes will apply to deposit accounts:

Money Management Account

Balance tier Current rate (% p.a.) New rate (% p.a.) Change (% p.a.)
$0 - $4,999 0.00 0.00 No change
$5k - $9,999 0.10 0.05 -0.05
$10k - $19,999 0.10 0.10 No change
$20k - $49,999 0.25 0.15 -0.10
$50k - $99,999 0.35 0.20 -0.15
$100k - $249,999 0.50 0.25 -0.25
$250k + 0.75 0.50 -0.25

Christmas Club Account

Current rate (% p.a.) New rate (% p.a.) Change (% p.a.)
0.40 0.25 -0.15

Senior Saver Account

Balance tier Current rate (% p.a.) New rate (% p.a.) Change (% p.a.)
$1 - $1,999 0.10 0.05 -0.05
$2,000 - $48,599 0.25 0.15 -0.10
$48,600 + 0.95 0.70 -0.25

For any questions relating to these changes, phone 1300 361 761 or visit any SERVICE ONE Branch.

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