The recent cut in interest rates by the RBA to three percent has put the spotlight on the banks, who are being urged by the Rudd Government to pass on the rate cuts to business and consumers.
Laiki Bank Australia has announced it will reduce its home loan rate by 10 basis points, making it the lowest introductory rate home loan provider in the market for Australian Bank home lenders.
The new reduced rate will see the bank offer an introductory rate of 4.89 percent, and applies to Laiki’s Bank’s Options Plus Home Loan package for home lenders in their first year.
According to Michalis Athanasiou, General Manager of Laiki Bank Australia, the bank aims to help consumers and businesses by remaining competitive with the big banks on their lending rates.
“Laiki Bank has always offered competitive loan rates compared to the bigger banks and today we are taking a step further and offering more value to our new and existing customers.”
The bank has also reduced its business lending rate by 25 basis points, as part of its strategy to grow its commercial lending business and support Australian small businesses seeking access to credit in these difficult times.
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