From 1st August 2022, Australian Mutual Bank has increased our interest rates on variable home loans and savings account products in response to the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 50 basis points in June.
This change will see our variable interest rates for Owner Occupied and Investment Home Loan products increase, as will our Mortgage Secured Line of Credit and Mortgage Secured Commercial Loans.
Members with a Basic Variable or First Home Buyer Basic Variable home loan will see a smaller increase on their interest rate.
For existing borrowers with a variable home loan product, new repayment amounts will be effective from their first repayment due after the 1st September 2022.
These interest rate rises bring welcome news to those looking to build their savings with increased interest rates across our various savings accounts also effective 1st August 2022. Investors who have experienced modest returns on term deposits in the last few years will now start to see a higher return with rate increases on term deposits already effective earlier this month.
Australian Mutual Bank is conscious of the impact interest rate changes can have on working families and takes time to review a number of factors to ensure member and business impacts have been considered.
Members who are experiencing financial hardship or are having difficulties with their new repayment amount are encouraged to contact us on 13 61 91 to discuss their options.
View our interest rates for our loans and saving accounts products: