Update on interest rates

Bank of us announces changes to its home loan and residential investment interest rates.

"After a review of our products and pricing, we have decided to increase our variable home loan and residential investment interest rates by 9 basis points,” Bank of us CEO Paul Ranson said.

“We chose to hold off passing on any increase to our customers last year. The decision to increase interest rates today has not been made lightly as we understand the impact on borrowers.

“Right now, we are making this small increase to balance increasing regulatory demands and alleviate funding costs pressures.

“As the only Tasmanian customer owned bank, we are committed to keeping our home loan interest rates as low as possible and providing greater value for all our customers as opposed to profit for shareholders,” Mr Ranson said.

Bank of us new lending rates apply from 1 February, 2019, for new loans and from 1 March, 2019, for existing loans.