Australian Unity Bank announces changes to interest rates
Following the Reserve Bank of Australia’s (RBA) decision on Tuesday 5 July 2022 to increase the cash rate from 0.85% to 1.35%, Australian Unity Bank will increase its home loan variable interest rates, deposit, and savings interest rates for customers.
- Home loan variable interest rates will increase by 0.50%
- for new customers, this came into effect on 8 July 2022
- for existing customers, this will come into effect on 22 July 2022
- Term Deposit interest rates have changed, which came into effect on 8 July 2022:
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- Net Invest account interest rate has increased by 0.20%, this came into effect on 11 July 2022.
- Cash Management and SMSF Cash Management account interest rates increased by 0.35%, this came into effect on 11 July 2022.
- Corporate at call account interest rate increased by 0.50%, this came into effect on 11 July 2022.
- Active Saver account, Easy Saver account, Freedom Saver account and Kids Saver account interest rates will increase by 0.80%, this will come into effect on 1 August 2022.
- Golder Saver account interest rate will increase by 0.15%, this will come into effect on 1 August 2022.
Matthew Ricker, Chief Executive Officer of Australian Unity Bank, said the decision to make these changes was made after reviewing our current interest rates, balancing the needs of our home loan, deposit and savings customers, and considering the broader market.
“While the increasing rates on deposit products is welcome news for many, we understand that increasing home loan rates is adding additional pressure on the cost of living for many households. The decision to increase rates is not taken lightly and we do so as a result of carefully considering the interests of our whole customer base, market changes and funding costs. Based on these factors we have made changes in line with the RBA official cash rate change” Mr. Ricker said.
“We encourage customers concerned about their interest rates and repayments to get in touch with our team as soon as possible for assistance.”
New and existing customers can contact Australian Unity Bank on 1300 790 740.
T: 1300 408 776
About Australian Unity
Established in 1840, Australian Unity is a member-owned wellbeing company with more than 385,000 members and more than 700,000 customers. Our range of health, wealth and care products and services provides member, customer and community value that is supportive of personal and community wellbeing.