Bank of Sydney has announced it will pass on the Reserve Bank of Australia’s (RBA) recent 0.25 percentage point cash rate reduction to both new and existing variable rate home and business loans. The change will take effect from August 26. Bank of Sydney is a financial institution that provides a range of banking services to individuals and businesses. It focuses on building long-term relationships with its customers through personalised service and community engagement.
Huw Bough, the Chief Banking Officer, acknowledged the significant impact that interest rate movements can have on customer finances. He stated, “We’re pleased to be able to pass on the full cash rate reduction to our borrowers, helping to ease the cost pressures facing many households and businesses.”
Bough also mentioned that the bank has carefully reviewed its savings rates to provide additional support to its personal and business customers who are focused on growing their savings. This suggests a balanced approach, aiming to assist borrowers while also supporting depositors in the current economic environment.
The rate adjustment will be automatically applied to existing variable-rate loan customers. Changes to deposit products are scheduled to come into effect from September 1, giving customers time to adjust to the new rates. This move is expected to provide financial relief to many of the bank’s customers.
