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notice of rate changes
Notice of variable rate change
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, the Illawarra Credit Union will be making the following changes to its products or reference rates across its variable home loan interest rates for owner-occupiers and residential investor borrowers.
New Variable rate or Reference Rates as below:
|Interest/Reference rates||New rate|
|Standard Variable Rate – Owner Occupied P&I||5.29%|
|Standard Variable Interest Only Rate – Owner Occupied||5.65%|
|Standard Variable Investment Rate P&I||5.80%|
|Standard Variable Investment Interest Only Rate||5.90%|
|The Works Package P&I Reference Rate – Owner Occupied||4.34%|
|The Works Package Interest only Reference Rate – Owner Occupied||4.80%|
|The Works Package Investment P&I Reference Rate||5.10%|
|The Works Package Investment Interest Only Reference Rate||5.35%|
|Bare Essentials P&I Reference Rate – Owner Occupied||4.99%|
|Bare Essentials Interest Only Reference Rate – Owner Occupied||5.25%|
|Bare Essentials Investment P&I Reference Rate||5.39%|
|Bare Essentials Investment Interest Only Reference Rate||5.65%|
|Basic Variable Rate (Grandfathered)||5.13%|
|Basic Variable Investment Rate (Grandfathered)||5.53%|
|The Works P&I Reference Rate – Owner Occupied||4.34%|
|The Works Interest only Reference Rate – Owner Occupied||4.80%|
|The Works Investment P&I Reference Rate||5.10%|
|The Works Investment Interest Only Reference Rate||5.35%|
|Two Year Introductory Home Loan Reference Rate||5.35%|
|Business Reference Rate (Residentially Secured Loans)||5.65%|
|Commercial Reference Rate (Commercially Secured Loans)||6.10%|
|Business Interest Only Reference Rate||5.65%|
|Commercial Interest Only Reference Rate||6.10%|
These changes will come into effect on 15 May 2022.
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’re here to help.
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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