Rabobank reduces variable base rate for rural loans
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Rabobank reduces variable base rate for rural loans

Rabobank 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.

 

Rabobank Australia & New Zealand Group is a part of the global Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has 120 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of approximately 8.4 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 93 branches throughout Australia and New Zealand.

 

Media contacts:

Denise Shaw
Head of Media Relations
Rabobank Australia & New Zealand 
Phone: 02 8115 2744 or 0439 603 525 
Email: denise.shaw@rabobank.com  

Skye Ward
Media Relations Manager
Rabobank Australia
Phone: 02 4855 1111 or 0418 216 103
Email: skye.ward@rabobank.com