St George cuts standard variable home loan rate by 10bps
08 Apr 2009 5:19 PM
St George Bank has cut its standard variable home loan interest rates by 10 basis points.
The bank .. which is owned by Westpac .. says its standard rate will fall to 5.79 per cent from April 17.
St George will also cut its business and commercial lending rates by 25 basis points.
The mortgage rate reduction equates to a saving of approximately 16 dollars a month in repayments on an average size loan of 250-thousand dollars over a 30-year loan term.
St George general manager of retail bank distribution .. ANDREW MOORE .. says the bank cannot pass on the full 25 basis point rate cut made by the central bank yesterday.
