Australian Unity Bank announces changes to home loan rates
Following the Reserve Bank of Australia’s (RBA) decision on Tuesday 2 August 2022 to increase the cash rate from 1.35% to 1.85%, Australian Unity Bank will increase its home loan variable interest rates for customers.
Australian Unity Bank will increase home loan variable interest rates by 0.50%. This will come into effect for new customers on 5 August 2022 and for existing customers on 12 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 customers and considering the broader market.
“Australian Unity Bank increased rates for depositors prior to the announcement by the Reserve Bank and continues to balance the needs of both borrowers and depositors in providing competitive offerings” Mr Ricker said.
“Based on these factors we have made changes in line with the RBA official cash rate change.”
Mr Ricker said Australian Unity understands increasing home loan rates is adding additional pressure on the cost of living for many households.
“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.