30 March 2020
Coastline cuts rates on fixed rate home loans
The Reserve Bank of Australia (RBA) made the decision to cut the official cash rate to a historic low of 0.25% on the 19th March 2020. This was an out of cycle meeting held by the RBA. The meeting’s focus was the impact of COVID-19 on the economy and the financial system.
Whilst these are very concerning and uncertain times, Coastline is still focused on our core purpose which is to help customers with their financial well-being.
In response to the RBA’s announcement we have:
- Decided to reduce our Fixed Rates on Owner Occupied Home Loans and Residential Investment Loans by up to 0.90% p.a. as from the 1st April 2020;
- Increased our 6 and 12-month Term Deposit rates effective from 30th March 2020 plus we have a special term deposit rate available for a term of 7 months;
- Introduced a new High Saver account with a 4-month introductory rate of 1.90% p.a.; and
- Implemented a COVID-19 Loan Hardship relief package for our Home, Investment & Business loan members