Friday, 13 November 2020 14:00

Hunter United announced today that it will cut 2-year fixed home loan interest rates by 10bps for owner occupier borrowers, and new and used car loans (for vehicles less than 5 years old) by 46 bps.

The decision comes after assessment of a range of factors including the impact lower rates continue to have on IMB Bank’s deposit customers.

Hunter United became a division of IMB Bank on 1 May 2020.

IMB Bank CEO Rob Ryan said, “As a mutual bank, we strive to act in the best interests of all our customers as equitably as we can – we have done so for nearly 140 years. RBA rate movements do not only shape decisions on loan rates – they often impact deposit rates because banks need to consider both sides of the balance sheet.”

The decision to reduce fixed home loan rates recognises Hunter United’s variable home loan rates remain some of the most competitive on offer helping to contain living costs for its customers. Additionally, it insulates depositors, such as retirees and those saving for their first home, from the full impact of the interest rate reduction.

Rates will remain unchanged for term deposits 6-11 months, at 0.65%.

Mr Ryan said, “While our variable home loans rates remain among the best on offer, we know some customers may be seeking more certainty in uncertain times. Our focus on fixed rate reductions may help them in this regard.”

The Hunter United Cracking Car Loan has been recognised for its outstanding value in the used car category with a 5-Star Canstar rating and a Mozo Experts Choice Award* in November 2020. The decision to cut the rate by 46 bps makes this product even better value and acknowledges the difficult times many members have had this year, offering borrowers some further financial relief.

The interest rate changes take effect on November 16 2020.

^{* The Canstar 5-Star Rating for Outstanding Value Car Loans was awarded in November, 2020 to the Hunter United Cracking Car Loan in the Used Car Loan category. The Mozo Experts Choice Award (received in November 2020) was awarded to the Hunter United Cracking Car Loan, in the Used Car Loan Category.}