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Heritage Bank has done the right thing by its members and cut its variable interest rate by the RBA's full 0.25%, as the festive season looms and many face a host of added Christmas expenses.
CEO John Minz said passing on the full interest rate reduction demonstrated that the bank's recent name change has not changed its member interest focus.
"Passing on the full RBA cut on our variable home loan rates will help make their festive season just that little bit less stressful," he added.
Heritage's discount variable mortgage rate will drop to 6.35% and the standard variable mortgage rate to 6.94%.
Minz said Heritage was not about generating the biggest profits it can.
"We're all about the best interests of our members and the communities in which they live."
The reductions will be effective from 16 December.
At the beginning of the month Heritage Building Society changed its name to Heritage Bank Limited.
Busy Heritage Building Society evolves into Heritage Bank - First it announced a return to the broker space, and now Heritage Building Society has changed its name to Heritage Bank Limited.
Now Heritage joins the 'sub-six' fixed rate club - Heritage Bank has announced it will cut the interest rate on its fixed rate home loans, joining a clutch of other lenders in the sub-six zone.
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