IR Changes 16:9

News

notice of rate changes

Notice of variable rate change

Illawarra Credit Union has today announced changes to the pricing of its home loan products following the RBA’s decision to lift the cash rate by 0.25% p.a. on Tuesday 6th December 2022.

Head of Digital Stephanie Petkovski wanted to relay the following message to all of our customers:

"As you probably know, the Reserve Bank met on Tuesday 6 December 2022, and made the decision to increase the Cash Rate by 0.25% to 3.15%. 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. 

Considering the time of year, as well as several other factors, we've decided to delay the introduction of this most recent rate increase. Instead of following several other financial institutions and increasing rates in the lead up to Christmas, we'll be delaying these most recent changes to come into effect in the New Year as of 13 January 2023. No decision we ever make is made lightly, and as a customer-owned bank one of our key promises to you is that we will deliver banking services in the interests of our customers. 

The intent of this is to not add unnecessary stress to our customers at a time of year that is supposed to be about family, friends and togetherness.

Wishing you & your family a happy & safe holiday period - as well as a prosperous 2023."

For Illawarra Credit Union home loan & business customers on a Variable Rate Loan the interest rate will increase to the below rates as of 13 January 2023.

New Variable rate or Reference Rates as below:

Interest/Reference rates New rate
Standard Variable Rate – Owner Occupied P&I 7.54%
Standard Variable Interest Only Rate – Owner Occupied 7.90%
Standard Variable Investment Rate P&I 8.05%
Standard Variable Investment Interest Only Rate 8.15%
The Works Package P&I Reference Rate – Owner Occupied 6.59%
The Works Package Interest only Reference Rate – Owner Occupied 7.05%
The Works Package Investment P&I Reference Rate 7.35%
The Works Package Investment Interest Only Reference Rate 7.60%
Bare Essentials P&I Reference Rate – Owner Occupied 7.24%
Bare Essentials Interest Only Reference Rate – Owner Occupied 7.50%
Bare Essentials Investment P&I Reference Rate 7.64%
Bare Essentials  Investment Interest Only Reference Rate 7.90%
Basic Variable Rate (Grandfathered) 7.38%
Basic Variable Investment Rate (Grandfathered) 7.78%
The Works P&I Reference Rate – Owner Occupied 6.59%
The Works Interest only Reference Rate – Owner Occupied 7.05%
The Works Investment P&I Reference Rate 7.35%
The Works Investment Interest Only Reference Rate 7.60%
Two Year Introductory Home Loan Reference Rate 7.60%
Business Reference Rate (Residentially Secured Loans) 7.40%
Commercial Reference Rate (Commercially Secured Loans) 7.85%
Business Interest Only Reference Rate 7.40%
Commercial Interest Only Reference Rate 7.85%

We’re here to help.

Our team are on hand to assist any and all customers as they adjust to this new normal. 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.

 

get in touch

Not sure what's the best fit for your needs? No worries. Get in touch with one of our banking specialists today.

Apply now.

Already a customer?

Apply in internet banking

New customer?

Apply online