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Rural Bank to decrease its variable lending interest rates

23 March 2020 |Interest rate announcement
Rural Bank has reduced all variable secured lending and overdraft interest rates by 0.25% p.a. following the Reserve Bank of Australia’s official interest rate cut on 3 March 2020.

"In an environment experiencing historically low rates, we have carefully evaluated our responsibility to borrowers with the impact lower rates have on depositors, our business performance and all other stakeholders," said Rural Bank Chief Operating Officer, Will Rayner.

"At the same time, many customers are facing a long recovery from bushfires and drought and coupled with the still largely unknown economic impacts from COVID-19, this decision aims to further support our agribusiness customers”.

All variable secured interest rate changes will be effective from 27 March 2020.

Rural Bank lending customers will receive a letter notifying them of their new interest rate and repayment details.

For further information, please contact our Customer Service Team on 1300 660 115 or your local Agribusiness Relationship Manager.

Source: Rural Bank

 

Disclaimer: Whilst all care has been taken in compiling the information, the information should not be relied upon as substitute for professional advice where necessary. Rural Bank accepts no responsibility for the accuracy, completeness or timeliness of the information and disclaims all liability in relation to any loss or damage suffered by the use of or reliance upon any information contained herein or in any attachment or annexure hereto by any person. Rural Bank – A Division of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879

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