Firefighters Mutual Bank announce interest rate reductions

Firefighters Mutual Bank has announced interest rate changes for variable home loan members following the Reserve Bank of Australia’s decision to reduce the official cash rate by 0.25% to 4.10%.

Health Professionals Bank will decrease variable home loan interest rates by 0.25% p.a. for new and existing members, effective 28 February 2025.

Commenting on these changes, Teachers Mutual Bank Limited’s Chief Customer Officer, Greg Johnson said, “The news of the RBA decision to change rates will be welcomed by our home loan members.”

“We know some of our members, who primarily work in the education, health, and emergency services sectors, have been feeling cost of living pressures. Today’s reduction in the variable rate home loan will save $80 a month based on a $500,000 home loan.”

For any member who may still need assistance, I urge you to contact us to discuss your options. We have a range of solutions to help support you with a tailored approach based on your individual circumstances.

“As a member-owned bank, keeping our rates competitive for our members is a priority.

“We offer a range of options for members with savings accounts including our three-month term deposit rate which remains well above the cash rate at 4.80% per annum.”