On Tuesday 5 July 2022, the Reserve Bank of Australia (RBA) announced a further 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 9 August 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 12 July 2022 we passed on various increases up to 0.25% on our term deposit products, and up to 0.60% on various savings accounts and from the 19 July 2022 we passed on further increases of up to 0.45% on our term deposits and an increase of 1.00% on our Cash Management Account.
Changes to the RBA cash rate is one of the factors that informs our pricing decisions, however, 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.
*Original article published 12 July 2022. Article updated 19 July 2022.
