News

notice of loan and deposit rate changes

We’ve made changes to our loan and term deposit products.

For loan customers:

The Reserve Bank of Australia met on Tuesday 6 June 2023 and made the decision to increase the Cash Rate by 0.25% to 4.15%. As the cash rate is one factor that affects our cost of funds, we have made the decision to increase our home loan variable interest rates by 0.25% p.a. effective from 21 June 2023.

New Variable rate or Reference Rates as below:

Interest/Reference rates New rate
Standard Variable Rate – Owner Occupied P&I 8.54%
Standard Variable Interest Only Rate – Owner Occupied 8.90%
Standard Variable Investment Rate P&I 9.05%
Standard Variable Investment Interest Only Rate 9.15%
The Works Package P&I Reference Rate – Owner Occupied 7.59%
The Works Package Interest only Reference Rate – Owner Occupied 8.05%
The Works Package Investment P&I Reference Rate 8.35%
The Works Package Investment Interest Only Reference Rate 8.60%
Bare Essentials P&I Reference Rate – Owner Occupied 8.24%
Bare Essentials Interest Only Reference Rate – Owner Occupied 8.50%
Bare Essentials Investment P&I Reference Rate 8.64%
Bare Essentials  Investment Interest Only Reference Rate 8.90%
Basic Variable Rate (Grandfathered) 8.38%
Basic Variable Investment Rate (Grandfathered) 8.78%
The Works P&I Reference Rate – Owner Occupied 7.59%
The Works Interest only Reference Rate – Owner Occupied 8.05%
The Works Investment P&I Reference Rate 8.35%
The Works Investment Interest Only Reference Rate 8.60%
Two Year Introductory Home Loan Reference Rate 8.60%
Business Reference Rate (Residentially Secured Loans) 8.40%
Commercial Reference Rate (Commercially Secured Loans) 8.85%
Business Interest Only Reference Rate 9.40%
Commercial Interest Only Reference Rate 9.85%

Deposit product changes:

We have also made the decision to increase our interest rates across our personal & business term deposits.

Our personal term deposit products:

Term Interest annually ($1,000+) Interest monthly ($1,000+)
1 month 1.75%
2 month 1.75%
3 month 3.00%
4 month 2.75%
5 month 2.75%
6 month 3.50%
7 month 3.25%
8 month 3.25%
9 month 3.25%
10 month 3.25%
11 month 3.25%
12 month 4.25% 4.25%

Our business term deposit products:

Term Interest annually ($1,000+)
1 month 1.50%
2 month 1.50%
3 month 2.75%
4 month 2.50%
5 month 2.50%
6 month 3.25%
7 month 3.00%
8 month 3.00%
9 month 3.00%
10 month 3.00%
11 month 3.00%
12 month 4.00%

Rates as at 21 June 2023 and are subject to change

We’re here to help

Our team are on hand to assist any and all customers. We are mindful that some of our customers may be experiencing financial difficulties. If you are one of them, please contact us to discuss alternative arrangements. You can apply for financial assistance here or call us. We understand that many of our customers may have questions about the changes. If you’d like to speak to a team member, please call us on 1300 132 249.

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