On Tuesday 7 March 2023, the Reserve Bank of Australia (RBA) announced a further 0.25%p.a. 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.
On the deposit side, term deposit products were increased by up to 0.50%p.a. effective from 16 March 2023. Savings account products were increased by up to 0.25%p.a., effective 20 March 2023. And, the Bonus Saver Bonus Rate will increase by 0.40%p.a., effective from 1 April 2023.
Our Variable Home Loan rates for existing mortgage holders will increase by 0.25%p.a., effective from 21 April 2023. Members will soon receive correspondence outlining specific information in relation to their loan product/s and any relevant repayment changes.
Whilst changes to the RBA cash rate is one of the factors that informs our pricing decisions, there are other factors that we consider such as economic and market conditions, cost to lend and the competitor landscape. This helps us to assess and to continue to offer competitive rates to our members.
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.