Australian Unity Bank announces changes to interest rates
Following the Reserve Bank of Australia’s (RBA) decision on Tuesday 7 June 2022 to increase the cash rate from 0.35% to 0.85%, Australian Unity Bank will increase its home loan variable interest rates, deposit and savings interest rates for customers.
Australian Unity Bank will make the following changes:
- Home loan variable interest rates will increase by 0.50%
- for new customers, this will come into effect on 16 June 2022
- for existing customers, this will come into effect on 24 June 2022
- 1 to 11 month Term Deposit interest rates will increase by 0.15%, this will come into effect on 16 June 2022.
- 1, 2 and 3 year Term Deposit interest rates will increase by 0.20%, this will come into effect on 16 June 2022.
- 4 and 5 year Term Deposit interest rates will increase by 0.50%, this will come into effect on 16 June 2022.
- Net Invest account, Cash Management account, Golden Saver account, Active Saver account, Easy Saver account, Freedom Saver account, Kids Saver account, SMSF Cash Management account and Deposits at Call accounts will increase by 0.20%, this will come into effect on 1 July 2022.
Click here to see the current schedule of interest rates for home loans.
Matthew Ricker, recently appointed 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.
“The economic conditions over the past few years have created an environment of unprecedented change. While we all speculate on changes no one can accurately predict what will happen, therefore we work hard to carefully consider the interests of borrowers and savers when we scenario plan. We are committed to offering competitive interest rates as market conditions and funding costs change, and therefore our changes are in line with the RBA official cash rate change,” Mr Ricker said.
“We understand these changes may 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.
About Australian Unity Bank
Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence 237994 was previously known as Big Sky Building Society – originally a group of credit unions and building societies for specific employer groups. In October 2018 it rebranded as part of the Australian Unity family, offering a broader range of products and services to all Australians.
About Australian Unity
As one of Australia’s oldest companies, our track record speaks for itself. In 1840, eight ordinary people came together in a Melbourne pub to form a friendly society with an ambition to help their fellow Australians in times of hardship. 180 years later, we’re still committed to improving the real wellbeing of our customers, members and the wider community.
All loans and deposit products are issued by Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994