Rates Announcement – 16th November

Following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 0.25% to 2.85% on November 1st, we have been reviewing the balance between passing on the interest rate rise to our borrowers as well as our deposit holders.

Home Loans

Effective 15 November, we have increased the interest rates for new variable home loan borrowers by 0.25%.

Effective 1 December, we will be increasing the interest rate for existing home loan borrowers (both Owner Occupier and Investment) by 0.25%, affecting repayments from 1 January 2023.

Personal Loans

Effective 1 December, we will be increasing the interest rate for existing variable personal loan borrowers by 0.25%, affecting repayments from 1 January 2023.

Term Deposits

Effective 16 November, we will increase our term deposit rates for our 3, 5, 6 and 7-month Term Deposit Products as well as our 1, 2, 3, 4 and 5-year Term Deposit products.

For Our Monthly Products:

• Our 3-month product will increase by 0.20%, which will result in its new rate of 2.00%.
• Our 5-month product will increase by 1.50%, which will result in its new rate of 1.90%.
• Our 6-month product will increase by 1.20 to its new rate of 2.45%.
• Our 7-month product will increase by 0.05% to its new rate of 2.00%.
  

For Our Yearly Products:

• Our 1-year product will increase by 0.30% with its new rate therefore becoming 3.95%.
• Both our 2 and 3-year products will increase by 0.35% resulting in their new rate of 4.00%.
• Our 4-year product will increase by 0.40%, which will result in its new rate of 4.05%.
• Our 5-year product will increase by 0.45% with its new rate being 4.10%.

We are here to help, and we encourage any member who may need help to get in touch with our team on 132 267 so we can tailor a financial solution for them.