At G&C Mutual Bank (G&C) we always do our best to balance the needs of our borrowing and depositing members. After a decade of steady falls in market interest rates, and with current home loan rates at the lowest levels ever seen, we are now seeing increases in market rates on both loan and deposit products.
The major banks have already announced increases in their variable home loan rates and G&C has now completed a comprehensive review of its lending rates. Following that review, G&C will be implementing a modest increase in interest rates across our range of variable rate loan products.
The rates on G&C variable rate home loan and commercial loan products for new borrowers will be increased by 0.25% from 13 May 2022. The annual percentage rate on our existing variable rate home loans and commercial loans will be increased by 0.25% with effect from 1 June 2022.
Although the prolonged period of historically low interest rates has resulted in the vast majority of G&C’s borrowers being substantially in-advance on their loan repayments, you are reminded that you are free to set your regular repayments at any level you choose, so long as they at least cover the required minimum amount set out above. You are also welcome to make lump sum payments on your loan at any time.
The interest rate on your G&C loan remains very competitive compared to the rates charged by banks and other financial institutions for similar types of loans. However, with the prolonged period of record low interest rates now coming to an end, you may wish to consider transferring your loan to one of G&C’s fixed rate loan products.
If you wish to consider transferring your loan from a variable to a fixed rate product, or 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.
Supporting members through this change is a priority for us. If you think the new rate will be challenging or you would like to discuss your loan and repayment options, please get in touch with us on 1300 364 400.
