The Co-operative Bank has reduced its floating home loan interest rate to 4.99% following today’s official cash rate cut, positioning the lender at what it says is the lowest widely available floating rate in the market.
The change applies immediately and marks a notable move in a segment where floating rates typically sit well above fixed-term pricing. The bank said the decision reinforces its strategy of offering competitive options to customer-owners during a period of easing mortgage conditions.
Chief executive Mark Wilkshire said the updated pricing reflected the organisation’s focus on delivering strong value. “The 4.99% home loan floating bank rate is best in market and affirms our commitment to competitive interest rates for our customer-owners,” he said.
The rate reduction follows similar adjustments across the sector as lenders respond to lower funding costs and increased competition driven by the Reserve Bank’s latest monetary policy decision.