Members Equity passes on full rate cut

Members Equity Bank today announced it would cut the variable interest rate on its Standard Variable Home Loans by 100 basis points. The reduced rate follows Tuesday's cut to the cash rate by the Reserve Bank by 100 basis points and will be effective from the 14th of December 2008. Members of participating trades unions and super funds, who have Members Equity Bank's award-winning Standard Variable Home Loan, will now pay a standard variable interest rate of 6.24 per cent. Members Equity Bank's Home Loan will also drop by 100 basis points to 6.59 per cent.

Source: Members Equity Bank