Bank Australia will increase variable home loan and commercial variable rates in response the RBA’s recent decision to raise the official cash rate.
From Thursday 23 March, interest rates will increase by 0.25% for variable 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 Wednesday 10 May 2023.
We are also reviewing rates for term deposit and savings accounts, and we'll have further updates for customers shortly.
Support options are available for customers experiencing difficultly or for those concerned about the impact of rising interest rates and repayments. 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 132 888 or visit their nearest branch.