Members Equity Bank passes on full rate cut

Members Equity Bank today announced it would cut the variable interest rate on its Standard Variable Home Loans by 75 basis points. The reduced rate follows Tuesday's cut to the cash rate by the Reserve Bank by 75 basis points and will be effective from 16 November 2008. Members of participating trade unions and super funds, who have Members Equity Bank's Standard Variable Home Loan, will now pay a standard variable interest rate of 7.24% per annum.

Source: Members Equity Bank