Rabobank cuts variable base rate on rural loans

Australian-dollarsRabobank Australia has announced it will reduce the variable base rate on its rural loans by 0.20% per annum.

Rabobank Australia CEO Peter Knoblanche said the reduction would take effect from July 19, 2019.

“With this reduction, Rabobank will have decreased loan rates for our rural clients by a total of 0.45 per cent over the past two months, following recent cuts in the official cash rate,” he said.

Mr Knoblanche said the bank had undertaken a detailed analysis of impacts on its lending and deposits businesses, following the Reserve Bank’s latest reduction in the official cash rate.

“We are pleased that in the current circumstances, we have been able to provide this reduction in interest rates for our loan clients, while at the same time not reducing deposit rates to the full extent on a number of deposit products,” he said.

Part of the Rabobank Group, the world’s leading food and agribusiness bank, Rabobank Australia is one of Australia’s leading agricultural lenders.

The Rabobank Group operates in 38 countries. Founded as a farmers’ cooperative in the Netherlands more than 120 years ago, Rabobank is still structured and run as a cooperative.

 

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