Auswide Bank increases variable loan interest rates by 0.25% following October cash rate increase
Auswide Bank will increase interest rates on variable loans following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 25 basis points on Tuesday.
From 13 October 2022, interest rates on existing variable rate home, business and personal loans will increase by 0.25%p.a. Auswide Bank’s Low Rate Visa credit card rate will also increase by 0.25%p.a.
Auswide Bank fixed rate loans, term deposits and savings account interest rates remain under review.
Martin Barrett, Managing Director, said the sixth consecutive cash rate increase by the RBA came as no surprise, but the 25 basis point increase indicated a slowdown in the pace of tightening.
“The RBA has tightened monetary policy in a very short space of time between May and October having taken the cash rate up by 2.50%. While the market generally expects the RBA to raise the cash rate again by 25 basis points at their November Board meeting, it is less certain what will happen after that, with some market commentators saying that any November increase may be near the peak of the upward cycle.”
Mr Barrett said Auswide Bank customer service teams continue to support our customers in response to this latest increase. He said where a customer has a new loan repayment, they will be advised by letter in advance of their next repayment due date. A customer’s applicable interest rate will also appear on their next loan statement.
