On Tuesday 6 June 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 and savers.
Our variable home loan rates for existing mortgage holders will increase by up to 0.25%p.a., effective from 24 July 2023. Members will soon receive correspondence outlining specific information in relation to their loan product/s and any relevant repayment changes.
Our variable savings rates increased by up to 0.25%p.a., effective from 16 June 2023. And, term deposit interest rates were increased by up to 0.40%p.a., for new deposits effective from 16 June 2023.
Bonus Saver accounts will also increase by 0.15% and will be effective from 1 July 2023.
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.
