Different rate cuts for different loans

The Reserve Bank of Australia announced a 0.25 percentage point reduction in the official cash interest rate last week.

Teachers Mutual Bank has responded in a unique way and made four different rate changes to its Solutions Plus Home Loan.

Borrowers with loans between $150,000 and $249,999 will get a 0.21 percentage point cut.

Borrowers with loans between $250,000 and $499,999 will get a 0.25 percentage point cut.

Borrowers with loans between $500,000 and $749,999 will get a 0.10 percentage point cut.

Borrowers with loans worth $750,000 and more will get a 0.15 percentage point cut.

Source: Banking Day

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