Rates Announcement – 24th October

Following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 0.25% to 2.60% on October 4th, 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 24 October, we will be increasing the interest rate for new variable home loan borrowers by 0.25%.

Furthermore, our Fixed Owner Occupier loans will be increasing by 0.20% for our 1-year and 2-year periods whereas our 3-year term is increasing by 0.25%.

Also, our fixed investment terms will all increase by 0.30% for new borrowers.

Effective 1 November, we will be increasing the interest rate for existing home loan borrowers by 0.25%, affecting repayments from 1 December.

Personal Loans

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

Term Deposits

Effective 12 October, we have increased our term deposit rates for our 4, 7 and 9 Month Term Deposit products.

Our 4-month product will increase by 1.50% which will result in its new rate of 1.90%. Additionally, our 7 Month product will increase by 1.20% making the new rate 1.95%. Finally, our 9 Month product will increase by 0.35% to therefore make the new rate 2.05%.

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.