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home loan and term deposit rates to increase following Reserve Bank move

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 2nd August 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 August 2022.

“When we assess our interest rates we always strive for balance and fairness for all our customers. This is why we have also evaluated the interest we pay on new Personal & Business term deposits, which I am delighted to share that we have increased in order to continue to provide our customers competitive rates on their savings." said Illawarra Credit Union CEO Anthony Perkiss.

New Variable rate or Reference Rates as below:

Interest/Reference rates New rate
Standard Variable Rate – Owner Occupied P&I 6.29%
Standard Variable Interest Only Rate – Owner Occupied 6.65%
Standard Variable Investment Rate P&I 6.80%
Standard Variable Investment Interest Only Rate 6.90%
The Works Package P&I Reference Rate – Owner Occupied 5.34%
The Works Package Interest only Reference Rate – Owner Occupied 5.80%
The Works Package Investment P&I Reference Rate 6.10%
The Works Package Investment Interest Only Reference Rate 6.35%
Bare Essentials P&I Reference Rate – Owner Occupied 5.99%
Bare Essentials Interest Only Reference Rate – Owner Occupied 6.25%
Bare Essentials Investment P&I Reference Rate 6.39%
Bare Essentials  Investment Interest Only Reference Rate 6.65%
Basic Variable Rate (Grandfathered) 6.13%
Basic Variable Investment Rate (Grandfathered) 6.53%
The Works P&I Reference Rate – Owner Occupied 5.34%
The Works Interest only Reference Rate – Owner Occupied 5.80%
The Works Investment P&I Reference Rate 6.10%
The Works Investment Interest Only Reference Rate 6.35%
Two Year Introductory Home Loan Reference Rate 6.35%

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 13 22 49.

 

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