Notice: Rate changes to mortgage & deposit products

The Illawarra Credit Union will be making the following changes in response to the recent RBA cash rate change.

The Credit Union will be decreasing its owner-occupied Standard Variable P&I reference rate by 0.12%, The Works owner-occupied P&I reference rate by 0.11%, and Bare Essential Variable reference rate by 0.11%. All existing customers with these products will see this rate take effect on 1 November 2019 and all new accounts after this effective date.

In addition, the Credit Union will be adjusting its deposit rates for the following products effective from 14 October 2019.

    • Everyday Student (formally Everyday Lite);
    • Everyday Plus;
    • Saver;
    • Cash Management Account;
    • Everyday Business;
    • Home Loan Lifestyle Saver; and
    • All in One deposit product.

We’ll also be adjusting the account keeping fee on the Everyday Business account effective from 30 November. A complete breakdown of the changes can be found below.

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

Anthony Perkiss, CEO has previously acknowledged “as a customer-based organisation, we must ensure we balance the needs of our loans and deposit customers, while remaining competitive in the marketplace.

“We acknowledge that borrowers have welcomed the Reserve Bank’s recent announcement, however, it is important to note that these changes will have an impact on deposit customers. We are mindful of our customer base and understand that many of our customers rely on interest income in their day-to-day lives.

“As a financial organisation, we need to ensure that the difference charged on a loan product and that paid for a deposit product is sustainable. This difference allows your Credit Union to remain strong and profitable so we can continue to invest in technology and service the needs of our customers.

“We’re confident that our deposit and loan products remain competitive in the marketplace and will continue to allow us to provide our customers with the great services they’ve come to expect.


Changes to deposit products: Effective from 14 October 2019

Product New Rate
Everyday Student (previously Everyday Lite) 0.00%


Everyday Plus
$0 – $9,999 0.05%
$10,000 – $49,999 0.55%
$50,001 – $99,999 0.90%
$100,000+ 1.50%


$0 – $9,999 0.05%
$10,000 – $19,999 0.75%
$20,000 – $100,000 1.50%
$100,000+ 0.05%


Cash Management Account
$0 – $4,999 0.00%
$5,000 – $9,999 0.00%
$10,000 – $19,999 0.10%
$20,000 – $49,999 0.45%
$50,000 – $99,999 0.75%
$100,000+ 1.00%


Everyday Business
$0 – $4,999 0.00%
$5,000 – $49,999 0.05%
$50,000+ 0.05%


Home Loan Lifestyle Saver
$0 – $1,999 0.00%
$2,000 – $50,000 0.05%
$50,001+ 0.05%


All In One


Changes to Everyday Business fees: Effective from 30 November 2019

Effective from 30 November 2019, we’ll be increasing our Everyday Business Account Keeping fee to $20.


We’re here to help.

We understand that many of our customers may have questions about the changes. If you’d like to speak to a member of our team, please call us on 13 22 49.

We hope our customers understand the reasons behind these changes, and thank you for your ongoing support.


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