5 October 2018
We will be making some changes to our standard variable interest rates for investment and owner-occupier home loans. From October 5, 2018, the standard variable interest rate will increase by 0.15% p.a. for new and existing home loan customers.
Like other banks who have raised their home loan interest rates in recent weeks, we use customers’ deposits and other sources of funding to lend to our borrowers and we pay interest to attract and use these deposits. Over a sustained period, the cost of this money has increased and as a result we are having to pass on some of this increased cost. This decision was a difficult one, but is required to continue to balance the needs of our borrower and depositor members.
If your loan has a variable interest rate, your minimum monthly loan repayment will change. To help you manage this change, your repayments will not change until January, 2019, when you will need to ensure your repayment is adjusted accordingly.
We will send you a separate communication detailing your new repayment amount in coming weeks and it will also be shown in your December loan statement.