Bank of us welcomes RBA decision

Bank of us CEO, Paul Ranson has welcomed the RBA decision to pause cash rate increases, recognising that while global inflation remains very high, conditions in Australia have stabilised: “In my view, it was the right thing to do at this point in time, it will enable the RBA to collect more data on the economic environment.” he said.

Impact for Tasmanians

While Tasmanian mortgage holders will be relieved that interest rates won’t rise this month, they should be prepared for further rate rises in coming months. “It’s great that mortgage holders have a reprieve coming into Easter. However, there may be a rise in the cash rate at the May meeting”.

“Hopefully we are getting to the end of the rate increase cycle but people should be mindful that there are likely to be more interest rate increases in the months ahead.”

“At Bank of us we remain focussed on getting more Tasmanians into homes and we’re still seeing strong demand for the MyHome program, an initiative of Homes Tasmania which supports Tasmanians to purchase their own home through a shared equity model.”

“As the exclusive lender for MyHome, we’re glad to be supporting the program. There is strong demand for lending across the board and while deposits have slowed, we see the Tasmanian economy as buoyant. As the only 100% customer owned bank in Tasmania, Bank of us represents competition and choice for Tasmanians who want to use a local bank. "

Getting in touch

We understand that with the ongoing changes to interest rates customers might need some support in managing their money.

"We encourage anyone with questions about the changes or anyone who might be finding it difficult to manage their loan to get in touch with us so we can help them to get back on track.”

Call us on 1300 306 716 or visit one of our retail stores.

Check your repayments:

Tasmania's only customer owned bank, Bank of us has seven Retail Stores state-wide, 33,000 customers and $1.45 billion in assets.

Contact: Fiona Weller, Communications Specialist, 0421 063 784