On Tuesday 7 November 2023, the Reserve Bank of Australia (RBA) announced an increase of 0.25%p.a. to the official cash rate. Following this decision, we have made the decision to raise interest rates for borrowers.
Our variable home loan rates for existing mortgage holders will increase by up to 0.40%p.a., effective from 20 December 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 on our website or contact us to see how we can help.