On Tuesday 7th June, 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 50-basis points, effective from the 23rd June 2022.
On the deposit side, effective from the 23rd June we will be passing on 40-basis points to our savings (excluding general savings account). In the case of our Bonus Saver & DIY Super Saver products, the increase applies to the bonus rate only.
In May we passed on the full basis point increase to depositors, however we won’t always be able to do this. We have to strike a balance between the value we provide to our customers and the long-term sustainability of our offerings.
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 Thursday, 9 June 2022