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Another Tumble For Bankdirect's Fixed Term Rates

5TH July 2000


With the announcement today that the Reserve Bank will not be changing its cash rate, BankDirect responded immediately with a further drop in all of its fixed term interest rates.

Rate Now Previously
6 month fixed 8.10%pa 8.15%pa
1 year fixed 8.15%pa 8.30%pa
2 year fixed 8.25%pa 8.55%pa
3 year fixed 8.30%pa 8.70%pa
5 year fixed 8.40%pa 8.70%pa

"No change in the cash rate has resulted in a softening of interest rates, particularly in longer term rates, which in our case have dropped by as much as 0.40%,"says BankDirect General Manager James Mitchell.

This is the second rate drop for BankDirect this week.

"Being a lower cost service provider, BankDirect consistently offers lower rates in the highly competitive home lending market. Despite an earlier drop this week, we were eager to pass on further savings to our customers immediately." concludes Mitchell


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