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7 May 2012 Change to variable home loan interest rates Police Credit will reduce its standard variable home loan interest rate following the Reserve Bank of Australia's decision to reduce the official cash rate. Variable home loan rates for existing PC borrowers will be effective from Monday 14 May 2012. Any new home loans from Monday 7 May 2012 will benefit from the lower rates. Owner-occupied and investment home loan standard variable interest rates will decrease as follows:
| Product | Old rate % p.a. | New rate % p.a. | Change % | | Standard Variable Home Loan (L27) | 6.89 | 6.59 | -0.30 | | These interest rates are considerably lower than the recently announced standard variable home loan interest rates of the major banks: | | Standard Variable Rate % p.a. | | CBA | 7.01 | | NAB | 6.99 | | Westpac | 7.09 | | Police Credit will write to each variable home loan borrower notifying them of any impact on their repayments. Honeymoon and package discounts will continue to apply. Police Credit continues to provide our members with competitive products and services. Please contact Police Credit on 13 63 73 option 4 for all of your home loan enquiries.
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