Rural Bank to decrease its variable lending interest rates
"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