Interest rate update

We’re making changes to our lending interest rates effective 22 June 2023. Home, residential-investment and commercial loan variable interest rates will increase by 25 basis points (0.25%p.a.) for existing borrowers.

Customers will be notified of their new loan repayments by letter.

The change is in response to the RBA increasing the cash rate at its June meeting but the decision to increase lending rates is not made lightly. We understand that Tasmanians are facing challenging circumstances and having to adjust their spending to adapt to higher rates.

While we strive to provide affordable and accessible banking, we also need to ensure the long-term sustainability and stability of our services. It’s about having to balance the increasing cost of lending versus the cost of interest paid, combined with the overall costs of running a financial institution.

Bank of us CEO, Paul Ranson said “We’re here for our customers. If anyone is finding it difficult to manage their finances, then we can’t stress enough how important it is to get in touch with us early. The earlier the better. That way, we can work through their individual circumstances to get them back on track.”

Getting in touch

Customers can call the Bank of us team on 1300 306 716 or visit one of our retail stores.