On Tuesday 3rd May, the Reserve Bank of Australia (RBA) announced a 25-basis point increase to the official cash rate for the first time in over 10 years.
Following this decision to increase Australia’s cash rate we have made the decision to raise interest rates for both borrowers and depositors.
Our Variable Home Loan rates will increase by 25 basis points, for both new and existing customers, effective from the 20th of May, 2022.
On the deposit side we will be passing on the full 25-basis points to our savings and new term deposit accounts (excluding general savings account). In the case of our Bonus Saver and DIY Super Saver, the increase is on the bonus rate only.
Home Loan customers will soon receive a letter in the mail outlining specific information in relation to their loan product/s and any relevant repayment changes.
Published Wednesday, 11 May 2022