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SERVICE ONE enhances COVID-19 support with further rate cuts

Monday, 30 March 2020 09:30

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SERVICE ONE will apply rate cuts to variable and fixed business loans as well as residential fixed loans. Details regarding rate cuts and additional assistance measures for small business (including the latest SME Guarantee Scheme) will be released shortly.

Effective 31 March 2020, SERVICE ONE will reduce its one, two and three year fixed rates for owner occupied and investor residential loans by up to 65 basis points. In addition, effective 2 April 2020, SERVICE ONE will increase selected term deposit rate options to provide Members with an attractive investment option.

SERVICE ONE Chief Executive, Matthew Smith, provides insight behind the latest cuts.

"In unsettling times, borrowers look for certainty. These further cuts to our fixed rate residential loan options see rates at unprecedented lows. And while rates of return on investments have been dwindling, we acknowledge investor Members who rely on interest which is why we’ve repriced some of our term options."

In addition to these changes, Members adversely impacted by recent events have access to SERVICE ONE’s COVID-19 Assistance Package. This includes loan relief for individuals and businesses and a range of other support measures.

"The COVID-19 situation is developing quickly. The Government is rolling out a substantial support and stimulus package and we’re working closely with our banking partner, Bendigo and Adelaide Bank, to make these support options available to Members. Details surrounding some of these measures are still being finalised but we understand the importance and urgency of these. I would encourage any Member who has been negatively impacted by COVID-19 to contact us to discuss your options," Mr Smith explains.

Additional information about SERVICE ONE’s COVID-19 Assistance Package can be found online at serviceone.com.au/COVID-19.  

Effective Thursday 2 April 2020, the following rate changes will apply to the Senior Saver Account:

Balance tier Current rate (% p.a.) New rate (% p.a.) Change (% p.a.)
$1 - $1,999 0.05 0.05 No change
$2,000 - $48,599 0.15 0.10 -0.05
$48,600 + 0.70 0.50 -0.50

For any questions relating to these changes, phone 1300 361 761.