Update on Bank of us interest rates - 11 July 2022
The RBA made the decision to increase the cash rate by 50 basis points at its July meeting. In response to this, we are making the following changes to interest rates:
- For home, residential-investment and commercial loan customers we will be increasing our variable interest rates by 50 basis points (0.50%p.a.). The new variable rates for existing loans will come into effect 15 July 2022. Customers will receive a letter notifying them of the changes to their loan repayments.
- For depositors, we have introduced a 6 and 12 month term deposit special of 2.25%p.a.* and 3.05p.a.* respectively for a limited time to support Tasmanians with their savings (*T&Cs apply). We recently reviewed our standard Term Deposit rates and have increased rates across most terms and tiers. Full details are available on our investments page.
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.
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.
Limited time offer, available to Tasmanian residents with new money to Bank of us. *Interest rate for deposits of $100,000 or more. The information contained in this advertisement 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 316 716 or from our website bankofus.com.au, prior to applying. Bank of us is a trading name of B&E Ltd ABN 32 087 652 088 AFSL & Australian Credit Licence 236870.
