Richmond’s valued partner, ME Bank, was one of the first institutions to commit to passing on the Reserve Bank’s latest rate cut in full to its standard variable rate home loan customers, following the RBA’s announcement earlier this week.

For customers with a $300,000 home loan, this represents a saving of $50 per month.  The Super Member Home Loan standard variable rate now drops from 6.99% p.a. to 6.74% p.a.

“As part of our commitment to looking after customers over the long term and offering a fairer banking alternative, ME Bank has decided to pass on the full 0.25% p.a. reduction to our customers,” said Mr Jamie McPhee, ME Bank Chief Executive Officer.

Richmond CEO Brendon Gale said:  “The Club would like to congratulate ME Bank on their leadership, showing the way, and influencing the larger banks to pass on interest rate cuts.

“Commitment to members and living our values is something both organisations have in common and continue to strive for, and we are proud of our association with ME Bank.”

ME Bank is the only Australian bank 100% owned by Australia’s leading industry super funds.  It provides industry super fund and union members with a genuinely fairer banking alternative.”