Interest rate changes, June 2023

On the 6^th of June 2023, the Reserve Bank of Australia (RBA) announced a 25-basis point increase to the official cash rate.

In response, we will be raising interest rates for both our lending and deposit products from Thursday 22^nd June.

The following rate changes will apply to our lending products:

• Our Variable Home Loan rates for new and existing mortgage customers will increase by 25-basis points. This includes all owner occupier, investment, and mortgage linked loans, except:
  • Our No Frills Home Loan
    • New owner-occupier principal & interest loans will increase by 0.35%.
    • New investment loans will increase by 0.15%.
    • New owner-occupier home loan interest only repayment rate will increase 0.25%.
  • Various increases will also apply to new Fixed Rate Home Loan rates, which will become effective Thursday 15^th June.

Note: Existing customers will receive a letter in the mail outlining specific information in relation to their loan product/s and any relevant repayment changes. Repayment changes will become effective from Thursday 27^th July 2023.

The following rate changes will apply to our deposits & savings products:

• A 25-basis point increase will apply to the following accounts:
  • Cash Management Account
  • Qantas Points Saver
  • QSaver
  • Retirement Savings Account
  • Allocated Pension
  • DIY Super Saver (on bonus rate)
  • Bonus Saver (on bonus rate)

• Various increases will also apply to our Term Deposit rates, which will become effective Thursday 15^th June. 

We’re here to support you

Whilst maintaining a competitive position on our products and services is essential for the long-term sustainability of our bank and customers, we understand this can be an uncertain and challenging time for some.

Our lending specialists are here to support you with any of your financial needs or questions. If you are experiencing financial hardship, we encourage you to contact our Financial Assistance Team.

You can send us a Secure Mail via Online Banking or the Mobile App.

Tools to help you manage your budget and finances

To help you plan ahead and manage your finances, we have a range of support tools like repayment calculators, financial literacy articles and more.

Here’s some of our recent articles:

• 7 ways to handle the rising cost of living
• 5 ways to boost your savings balance
• 5 tips to keep on top of your finances each payday

 

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Published, Wednesday 14 June 2023