On 2 August, the Reserve Bank of Australia announced a cut in the official cash rate of 0.25% to a record low of 1.5%.
Bank Australia will be passing on the full 0.25% cut on its variable loans, including home loans, personal loans and credit cards. This will bring our standard variable home loan rate down from 4.99% to 4.74%.
The effective date for these changes will be Friday 5 August. New rate schedules for our products are available here.
As a customer owned bank, we always do our best to offer competitive rates to all customers – both borrowers and depositors. We will be reviewing the rates on our saving and investment products over the coming weeks to ensure they remain competitive.
For our depositors, we will be maintaining the Bonus Saver maximum rate of 3.00% on our Bonus Saver account.