At a time when many people are looking to save money with lower interest rates one Australian lender, Emerald, has announced that it has cut the interest rate charged on some of its products.

In the current economic climate many people are looking for ways to cut their costs, and this includes getting lower borrowing costs such as more competitive interest rates. One Australian lender has recently announced that it is cutting the rate of interest charged on some of its loans, enabling borrowers to get a better deal on their borrowing.

According to recent reports the Emerald Group has decided to lower the interest rate charged on its harvest and flexible loan products to 6.9 percent, and officials from the lender have claimed that this interest rate reduction has resulted in its loan products being amongst the cheapest in Australia.

The new interest rate reflects a cut of 0.85 percent, and will be rolled out to all Emerald managed loans including in the Western Australian Emerald wheat pool, the Northern Quality Wheat Pool in New South Wales and Queensland, and the WAFarmers WheatPool managed by Emerald as well as pools that are part of EP Grain, which is Emerald’s South Australian joint venture.

An official from Emerald stated: “We continue to review all the components of our pool model including the interest costs associated with funding harvest and flexible loans. Our ability to reflect the lower funding costs will be welcome by customers of our pools, particularly given the difficult harvesting conditions many have and some continue to experience.”

Officials from Emerald have also said that the fact that they have been able to reduce interest rates by 0.85 percent reflects the fact that they have a strong relationship with ANZ, Westpac and NAB in terms of their funding arrangements.

This entry was posted on Thursday, January 22nd, 2009 at 9:25 pm and is filed under Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.