Illawarra CU cuts by more than the RBA

22/05/2013

Illawarra Credit Union is cutting standard variable interest rates by 0.30 percentage points to 5.95 per cent.

Chief executive Bob Kotic said Illawarra CU was also reducing its one-year fixed loan rate by 0.30 percentage points to 5.09 per cent.

"Our decision to reduce the standard variable rate by 0.30 percentage points was made after an assessment of our position and because of what we see as our responsibility to the Illawarra community," he said.

The 0.30 percentage point reduction equals about $50 per month on an average $250,000 home loan with a 30-year term.

Source: Illawarra Mercury