On Tuesday 7 June 2022, the Reserve Bank of Australia (RBA) announced a 50-basis point increase to the official cash rate. 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 for existing mortgage holders will increase by 0.50%, effective from 15 July 2022. Members will soon receive correspondence outlining specific information in relation to their loan product/s and any relevant repayment changes.
On the deposit side, effective from the 23 June 2022 we will be passing on various increases up to 1.80% to our term deposit products.
The above increases have been made as we continue to strike a balance between the value we provide to our customers and the long-term sustainability of our offerings.
If you would like further information on any of our products or services, please review the information online or contact us on 1300 364 400 to see how we can help.