Rabobank Australia has announced it will lower the variable base rate on its rural loans by 0.25% per annum, effective May 30, 2025.
Rabobank group executive for Country Banking Australia, Marcel van Doremaele said the bank was pleased to be able to again pass on the full 0.25% rate reduction to its Australian rural lending clients, following this week's Reserve Bank of Australia decision to reduce the official cash rate (OCR). This follows a previous reduction of 0.25% in Rabobank's variable base rate for rural loans in February this year.
"This latest reduction means we have been able to lower the standard variable interest base rate for our rural lending clients by a total of half a percentage point to date this year. And this will be very welcome news for the agricultural sector, but in particular for those farmers in large areas of South Australia and western Victoria, who are currently impacted by significant drought conditions," he said.
Mr van Doremaele said Rabobank Online Savings and Country Banking deposit rates had also been reviewed, with some reductions and some increases to be implemented across products.
The deposit rate changes will take effect on May 23, 2025 or May 30, 2025, depending on the deposit product.
