Interest Rate Update
Update on Bank of us interest rates – 13 February, 2023
We’re making changes to our lending interest rates in response to the RBA increasing the cash rate at its February meeting.
From 21 February 2023, home, residential-investment and commercial loan variable interest rates will increase by 25 basis points (0.25%p.a.). Customers will be notified of their new loan repayments by letter.
Savings and deposit rates are being reviewed, any changes will be advised.
An exceptional period
The decision to increase lending rates is based on several factors including balancing the interests of both our borrowers and depositors and ensuring the Bank’s financial sustainability.
Bank of us CEO Paul Ranson said: “We are living through an exceptional period and we acknowledge that rising living costs and rate increases make it difficult for people. But we do expect the situation to stabilise over the coming months”.
The Bank of us difference
As a customer owned bank, Bank of us doesn’t have shareholders and any profit is returned to the business to ensure a better banking experience for customers.
“We can do things a little differently to the bigger banks. Like being able to offer our best in market owner occupier home loan variable rate when a customers’ fixed rate term is ending.”
It means, dependent on their Loan to Value Ratio and loan position, they won't revert to a higher standard variable reference rate.
Getting in touch
We understand that with all of the recent 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