GCU general manager, Farley Fewkes, said the new interest rate – reflecting the recent Reserve Bank of Australia cut to the official cash rate - came in for new loans on September 15.

The interest rate on all existing GCU home loans, business loans and overdraft facilities will be cut by 0.25 per cent from October 1, Mr Fewkes said.

“GCU’s standard variable home loan rate will be reduced to 9.07 per cent per annum which is considerably lower than that of the majority of our competitors.

“GCU will not reduce interest rates on transaction and investment deposit accounts at this time providing investors with the opportunity to take advantage of competitive returns,” he said.

GCU was established to provide the Goldfields community with an alternative local banking choice. It is owned by its members and profits are retained and reinvested to keep members’ banking costs down and to provide more services, Mr Fewkes said.