Interest rate update

We’re making changes to our lending interest rates effective 21 November 2023. Home, residential-investment and commercial loan variable interest rates will increase by 25 basis points (0.25%p.a.) for existing and new borrowers.

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

The decision to increase lending rates is in response to the RBA increasing the cash rate at its November meeting but we consider several factors including balancing the interests of both our borrowers and depositors and ensuring the Bank’s financial sustainability.

Impact on Tasmanians

Bank of us CEO Paul Ranson said: “After holding steady for the past few months, higher inflation has meant that rates have risen. We understand that many households are facing a squeeze on their budgets. We encourage anyone who is having difficulty meeting their financial commitments to get in touch with our team”.

Getting in touch

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

Contact: Fiona Weller, Communications Specialist, 0421 063 784