On Tuesday 4 October 2022, the Reserve Bank of Australia (RBA) announced a further 25-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 borrowers.
Our Variable Home Loan rates for existing mortgage holders will increase by 0.25%, effective from 11 November 2022. Members will soon receive correspondence outlining specific information in relation to their loan product/s and any relevant repayment changes.
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.
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In the spirit of reconciliation G&C Mutual Bank acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today. We support the Uluru Statement from the Heart to achieve justice, recognition and respect for First Nations people.
Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review G&C Mutual Bank's Terms and Conditions before acquiring the product.
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