Australian Unity Bank announces change to interest rates

11 November 2022

Tags: Media

Following the Reserve Bank of Australia’s (RBA) decision made on Tuesday 1 November 2022 to increase the cash rate from 2.6% to 2.85%, Australian Unity Bank has increased its interest rates across lending and deposit products for new and existing customers.

Effective from 11 November 2022, Australian Unity Bank:

  • increased variable home loan interest rates for new and existing customers by 0.25% p.a.
  • increased 2 year fixed rates for investor home loans by 0.10% p.a.
  • decreased 3 year fixed rates for owner occupier home loans by 0.80% p.a.
  • decreased 3 year fixed rates for investor home loans by 1.58% p.a.

Effective from 11 November 2022, Australian Unity Bank:

  • increased Active Saver, Easy Saver and Freedom Saver account deposit interest rates by 0.35% p.a.
  • increased 9 month term deposit interest rates by 0.40% p.a.
  • increased 1 year term deposit interest rates by 0.65% p.a.
  • increased 18 months term deposit interest rates by 0.75% p.a.
  • increased 2 year term deposit interest rates by 0.60% p.a.
  • increased 3 year term deposit interest rates by 0.50% p.a.

Matthew Ricker, the Chief Executive Officer of Australian Unity Bank, said the decision to make these changes was made after reviewing our current interest rates, taking into consideration, and balancing the needs of our home loan customers and our depositors, together with the broader market.

“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” Mr. Ricker stated.

“Based on these factors we have made changes in line with the RBA official cash rate change.”

Mr. Ricker said Australian Unity Bank understands increasing home loan rates is adding additional pressure on the cost of living for many households.

“We encourage customers concerned about their 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.

-ENDS-

 

Media contact:
T: 1300 408 776
E: media@australianunity.com.au

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.

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