2 September 2008

MyState Financial today announced that it has dropped its interest rate on all home loans by 25 basis points.

MyState Financial chief executive Chris Brooks said this was in line with the Reserve Bank of Australia announcement today.

"We made the decision to lower our rates as soon as the 0.25% reduction was announced by the RBA," Mr Brooks said.

"The interest rate increases Australia has experienced for the last two years has created pressure for many Tasmanians in managing their day to day finances.

"We know our members are not immune to that pressure, and are pleased to be able pass on the benefit of the full rate cut."

New interest rates on all new home loan products will be effective on Friday 5 September. Members will be notified by mail regarding their repayments over the coming weeks.

MyState Financial is the largest Tasmanian-owned financial institution, with 140,000 members Statewide.