Update on Bank of us interest rates - 10 June 2022
In light of the recent RBA decision to increase the cash rate by 50 basis points, we will make the following changes:
- For home, residential-investment and commercial loan customers we will be increasing our variable interest rates by 50 basis points (0.50%p.a.)
- For depositors, we are introducing a 12 month term deposit rate of 2.50%p.a.* for a limited time to support Tasmanians with their savings (T&Cs apply) effective 14 June 2022.
Our decision to increase rates is based on several factors, including our commitment to maintaining value for both our borrowers and deposit customers, and a need to be financially sustainable.
Customers will receive a letter in the mail by the end of the month to notify them of the changes to their loan repayments.
We understand that for our home loan customers rising interest rates are a new experience for many borrowers and we encourage anyone who is finding it difficult to manage their loan to get in touch with us.
The new variable rates for existing loans will come into effect 17 June 2022.
T&Cs: Limited time offer available until close of business 1 July 2022. *Interest rate for deposits of $100,000 or more and is only available to Tasmanian residents with new money to Bank of us. The information is general information only and does not take into account your personal circumstances. You should consider if the product is appropriate for you. We recommend that you read the Conditions of Use, which is available at any of our Retail stores, by calling 1300 306 716 or from our website, prior to applying.