8 September 2008

QTCU delivers financial relief for Queenslanders

Queensland Teachers Credit Union (QTCU) today announced it would reduce its variable home loan variable interest rates by 0.25% per annum.

QTCU Chief Executive Officer, Mike Murphy, said the announcement would provide much needed financial relief for its members.  

"The cut in our variable home loan interest rates demonstrates our commitment to offering competitive interest rates to our members and reaffirms our philosophy of acting in the best interest of our members, Mr Murphy said.

"Although the market remains volatile, we will continue to look for ways to help our members and at the same time maintain our strong financial position."

Mr Murphy said the reason QTCU was able to offer one of the lowest rates around was that it was not governed entirely by profit motives in order to satisfy external shareholders seeking returns and dividends.  

"This means any profit we make goes straight back into the credit union ensuring we can keep fees to a minimum and still make improvements to the products and services we offer.  

"We take great pride in offering competitive rates and products to our members and remain committed to putting the interest of our members first."

QTCU’s new standard variable home loan rate will be effective from Monday 8 September 2008.