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Chief Executive Officer Simon Lyons said the adjustment aims to strike a fair balance for all of the business’s key stakeholders.
“A 0.15% cut in our variable rate puts us ahead of the cuts passed on by other banks. We want to make sure our mortgage customers are well looked after and therefore we have passed on more of the rate cut than most of our competitors. However, we also rely on funding from deposits made by retail customers, and we continue to offer high interest on our deposit accounts compared to the major banks as well.”
“The fact is, with interest rates at record low levels, it is difficult to reduce all deposit product rates without having a major impact on many of our customers including a large number of retirees who rely on us for income.”
“The decrease in rates will be effective from August 22nd 2016 and will result in the lowest rates for borrowers that we have offered in our 34 years of history. This is great news for our customers who are paying down debt. It also means from an affordability perspective there has never been a better time to buy a home, borrow a little extra for some renovations, invest in property or buy that new car, so we hope to appeal to a lot of new customers as well.”
“Clearly there are a significant number of people who rely on income from their deposits and they will continue to be challenged by the decrease in rates. We are doing our best to manage the interests of all of our customers and other stakeholders”. Mr Lyons said.
“We are here to help our customers, so if you have any questions, please feel free to give one of our friendly customer services representatives a call on (08) 9021 6444.”