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 17 May 2023, 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 affected customers, repayment changes will be effective from 2 July 2023. These changes may also require customers to adjust repayment direct debits.
We are reviewing rates for savings accounts, and we'll have further a update 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 moreinformation 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.
