We've updated our deposit products
We’ve made changes to our deposit rates. Effective Saturday 1 October 2022, we increased the rates…
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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 0.25% p.a. on Tuesday 4th October 2022.
For Illawarra Credit Union home loan & business customers on a Variable Rate Loan the interest rate will increase to the below rates as of 14 October 2022.
New Variable rate or Reference Rates as below:
| Interest/Reference rates | New rate |
| Standard Variable Rate – Owner Occupied P&I | 7.04% |
| Standard Variable Interest Only Rate – Owner Occupied | 7.40% |
| Standard Variable Investment Rate P&I | 7.55% |
| Standard Variable Investment Interest Only Rate | 7.65% |
| The Works Package P&I Reference Rate – Owner Occupied | 6.09% |
| The Works Package Interest only Reference Rate – Owner Occupied | 6.55% |
| The Works Package Investment P&I Reference Rate | 6.85% |
| The Works Package Investment Interest Only Reference Rate | 7.10% |
| Bare Essentials P&I Reference Rate – Owner Occupied | 6.74% |
| Bare Essentials Interest Only Reference Rate – Owner Occupied | 7.00% |
| Bare Essentials Investment P&I Reference Rate | 7.14% |
| Bare Essentials Investment Interest Only Reference Rate | 7.40% |
| Basic Variable Rate (Grandfathered) | 6.88% |
| Basic Variable Investment Rate (Grandfathered) | 7.28% |
| The Works P&I Reference Rate – Owner Occupied | 6.09% |
| The Works Interest only Reference Rate – Owner Occupied | 6.55% |
| The Works Investment P&I Reference Rate | 6.85% |
| The Works Investment Interest Only Reference Rate | 7.10% |
| Two Year Introductory Home Loan Reference Rate | 7.10% |
| Business Reference Rate (Residentially Secured Loans) | 6.90% |
| Commercial Reference Rate (Commercially Secured Loans) | 7.35% |
| Business Interest Only Reference Rate | 6.90% |
| Commercial Interest Only Reference Rate | 7.35% |
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 1300 132 249.
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