On the 4th of May 2023, the Reserve Bank of Australia (RBA) announced a 25-basis point increase to the official cash rate.
In response, we will be raising interest rates for both borrowers and depositors from Thursday 18th May.
The following rate changes will apply to our lending products:
- Our Variable Home Loan rates for existing mortgage customers will increase by 25-basis points. This includes all owner occupier, investment, and mortgage linked loans.
- Our Secured Car Loan rates for existing and new customers will also increase by 25-basis points.
Note: Customers will soon receive a letter in the mail outlining specific information in relation to their loan product/s and any relevant repayment changes. Repayment changes will become effective from Thursday 22nd June 2023.
The following rate changes will apply to our deposits & savings products:
- DIY Super Saver customers will be receiving a 25-basis points increase on the bonus rate. A 25-basis point increase will also apply to Retirement Savings Account and Allocated Pension.
- A 20-basis point increase will apply to the QSaver and the bonus rate for the Bonus Saver, and a 10-basis point increase will apply to the Cash Management Account and Qantas Points Saver.
- Various increases will also apply to our Term Deposit rates, which will become effective Thursday 11th May.
We’re here to support you
Whilst maintaining a competitive position on our products and services is essential for the long-term sustainability of our bank and customers, we understand this can be an uncertain and challenging time for some.
Our lending specialists are here to support you with any of your financial needs or questions. If you are experiencing financial hardship, we encourage you to contact our Financial Assistance Team.
You can send us a Secure Mail via Online Banking or the Mobile App.
Tools to help you manage your budget and finances
To help you plan ahead and manage your finances, we have a range of support tools like repayment calculators, financial literacy articles and more.
Here’s some of our recent articles:
- 7 ways to handle the rising cost of living
- 5 ways to boost your savings balance
- 5 tips to keep on top of your finances each payday
Published Wednesday, 10 May 2023
