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Another Tumble For Bankdirect's Fixed Term Rates
MEDIA RELEASE
5TH July 2000
ANOTHER TUMBLE FOR BANKDIRECT'S FIXED TERM RATES
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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