BankSA cuts variable rate
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BankSA ... rate cut announced. (ABC News: Gary Rivett)
BankSA has matched Australia's big banks in announcing a cut to its variable interest rate of 0.8 of a percentage point.
The cut takes effect on Monday and is BankSA's response to the Reserve Bank's decision to cut the official cash rate by a full percentage point.
BankSA's general manager Chris Ward says he is delighted about the drop in interest rates, considering the impact of successive increases in mortgage rates.
He says the cut will save $137 a month in interest charges on a $250,000 loan.
