Bank Australia has today announced it will increase variable home loan and commercial rates in response the RBA’s recent decision to raise the official cash rate.
From 8 December, the bank will also increase its 3-month term deposit by 0.75% to 3.00%.
From 15 December 2022, interest rates will increase by 0.25% for variable rate owner-occupier and investor loans. Commercial variable rate loans will also increase by 0.25%. For existing home loan customers, repayment changes will be effective from 2 February 2023.
Support options are available for customers experiencing difficultly or for those concerned about the impact of rising interest rates and repayments, and we encourage you to contact us to talk about your situation.
Affected home loan customers will receive more information on the changes to their rate and repayments in the coming weeks. For any help and further queries, customers can contact us on 132888 or visit their nearest branch.