Following the Reserve Bank of Australia’s May decision to cut the cash rate by 0.25 percentage points to 3.85%, both Bank of Sydney and Brighten have announced reductions across their variable-rate lending products.
The moves aim to provide financial relief to borrowers amid persistent cost-of-living pressures.
Bank of Sydney has confirmed it will reduce rates by 0.25% across all new and existing variable-rate home and business loans, effective June 3.
“We are delighted to be able to pass on the cash rate reduction to our borrowers,” said Huw Bough (pictured left), chief banking officer at Bank of Sydney.
“We have taken a considered and balanced approach to support our customers’ needs by helping people saving and self-funded retirees whilst easing pressure on home and business owners within the current economic environment.”
The rate cut applies automatically to existing customers – no action is required. New customers will also be eligible for the revised rate on qualifying loans.
Customers seeking more information are encouraged to visit banksyd.com.au or call 13 95 00.
Non-bank lender Brighten will also pass on the full 0.25% RBA rate cut to both new and existing borrowers across its entire lending portfolio.
“At Brighten, we’re deeply committed to acting in the best interests of both borrowers and brokers,” said Jason Azzopardi (pictured right), CEO of Brighten.
“By passing on the full 0.25% rate cut across our entire product range, we’re offering meaningful relief at a time when many Australians are reassessing their financial priorities.”
These reductions come as lenders across the industry move quickly to align pricing with the RBA’s latest monetary policy shift, with most rate changes taking effect between late May and early June.