Media Release

BankSA today announced a reduction of 25 basis points in its standard variable home loan rate for owner occupiers to 5.42% per annum (comparison rate 5.59% per annum*). The standard variable rate for investment loans will also decrease by 25 basis points to 5.67% per annum (comparison rate 5.83% per annum*).

The variable rate for small business loans will also be reduced 25 basis points. The changes are effective 23 May 2016.

BankSA Chief Executive Nick Reade said today’s decision is a welcome financial boost to South Australian home owners and those looking to buy a new home.

“We know that this rate cut will make a significant difference to our customers and hope that it lifts both consumer and business confidence locally,” said Mr Reade.

“With interest rates remaining at low levels, there is also no better time for customers to come and see us to discuss BankSA’s highly competitive variable and fixed rate options.”

For more information and advice about a new or existing home loan, please visit www.banksa.com.au, a local BankSA branch, or contact 13 13 76.

*Comparison rates are based on a loan of $150,000 over a term of 25 years. NOTE: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Media contact:

Megan Grey
0466 320 662
greym@banksa.com.au

Jayne Flaherty
0478 335 544
flahertyj@banksa.com.au