Australian Unity Bank announces changes to interest rates
Following the Reserve Bank of Australia’s (RBA) decision on Tuesday 3 May 2022 to increase the cash rate from 0.10% to 0.35%, Australian Unity will increase its home loan variable interest rates and a number of deposit interest rates.
Australian Unity Bank will make the following changes:
- Home loan variable interest rates have increased by 0.25%
- for new customers, this came into effect on 10 May 2022
- for existing customers, the increase will come into effect on 2 June 2022.
- 1, 2 and 3 year Term Deposit interest rates have increased by 0.50%, this came into effect on 10 May 2022.
- All other Term Deposit interest rates have increased by 0.25%, this came into effect on 10 May 2022.
- Active Saver account bonus interest rate will increase by 0.25%, this will come into effect on 1 June 2022.
- Easy Saver account bonus interest rate will increase by 0.50%, this will come into effect on 1 June 2022.
All other home loan and deposit rates remain unchanged. Click here to see the current schedule of interest rates for home loans.
Matthew Ricker, newly appointed Chief Executive Officer of Australian Unity Bank, said the decision to make these changes was made after reviewing our current rates, balancing the needs of our home loan and deposit customers, and considering the broader market.
“Our home loan rates are very competitive and this increase comes off the back of historically low rates which have been this way for a long time. Our changes are in line with the RBA official cash rate change,” Mr Ricker said.
“The increased rates across term deposits is welcome news for deposit customers who have borne the brunt of falling interest rates for a long while.
“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.
All loans and deposit products are issued by Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994