On Tuesday 5th July, the Reserve Bank of Australia (RBA) announced a 50-basis point increase to the official cash rate.
In response, we will be raising interest rates for both borrowers and depositors.
Our Variable Home Loan rates for existing mortgage customers will increase by 50-basis points, effective from the 21st July, 2022.
Existing home loan customers will soon receive a letter in the mail outlining specific information in relation to their loan product/s and any relevant repayment changes.
Our lending specialists are here to support you during this time, so if you have any questions about your loan please send us a secure mail message via online banking or the app.
If your circumstances have you facing uncertainty, or you’re concerned you may fall behind on home loan repayments, we encourage you to contact our Financial Assistance team. assistance@qudosbank.com.au
On the same day, Bonus Saver customers will be receiving a 50-basis points increase.
Increases will also apply to the following deposit products:
- Cash Management account will be increased by 40-basis points
- Qantas Points Saver will be increased by 40-basis points
- QSaver will be increased by 40-basis points
- DIY Super Saver, the bonus rate will be increased by 45-basis points
- Retirement Savings Account will be increased by 35-basis points
Our savings range remains competitive in the current environment, and we encourage you to review which products suit your needs best. Consider the type of access you need to your money, and the level of flexibility you require in addition to the returns you could receive.
You will be able to access new Term Deposit rates on the 15th July, with rates being increased across all terms at varying amounts. Keep an eye on our website for the new rates.
To help you plan ahead we have a range of calculator tools that may assist you in managing your budget, estimating your loan repayments and more, please visit qudosbank.com.au/news-tools-tips/calculators/
Published Wednesday, 13 July 2022
