IR Changes 16:9

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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 0.50% p.a. on Tuesday 5th July 2022.

For Illawarra Credit Union home loan customers on a Variable Rate Loan the interest rate will increase by 0.50% p.a. as of 18 July.

New Variable rate or Reference Rates as below:

Interest/Reference rates New rate
Standard Variable Rate – Owner Occupied P&I 5.79%
Standard Variable Interest Only Rate – Owner Occupied 6.15%
Standard Variable Investment Rate P&I 6.30%
Standard Variable Investment Interest Only Rate 6.40%
The Works Package P&I Reference Rate – Owner Occupied 4.84%
The Works Package Interest only Reference Rate – Owner Occupied 5.30%
The Works Package Investment P&I Reference Rate 5.60%
The Works Package Investment Interest Only Reference Rate 5.85%
Bare Essentials P&I Reference Rate – Owner Occupied 5.49%
Bare Essentials Interest Only Reference Rate – Owner Occupied 5.75%
Bare Essentials Investment P&I Reference Rate 5.89%
Bare Essentials  Investment Interest Only Reference Rate 6.15%
Basic Variable Rate (Grandfathered) 5.63%
Basic Variable Investment Rate (Grandfathered) 6.03%
The Works P&I Reference Rate – Owner Occupied 4.84%
The Works Interest only Reference Rate – Owner Occupied 5.30%
The Works Investment P&I Reference Rate 5.60%
The Works Investment Interest Only Reference Rate 5.85%
Two Year Introductory Home Loan Reference Rate 5.85%

These decisions come after careful consideration of the recent RBA increase, our position in the market, and the impact of any rate changes on all of our customers.

We understand these changes can affect every household differently and budgets will need to be adjusted and rebalanced along with the market. As a customer-owned organisation, we must we remain competitive in the market whilst always putting the long term financial success of our customers at the forefront of everything we do, we need to maintain a balance.

As a customer-owned financial institution we have always taken measures to ensure our customers are well placed to repay their home loans. We take our responsible lending obligations very seriously and regularly assess customers based on their ability to repay their home loans at a higher rate.

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 on 13 22 49.

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 13 22 49.

 

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