Auswide Bank increases loan and deposit interest rates after August cash rate increase

Auswide Bank will increase interest rates on existing variable loans and a range of deposit accounts following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 50 basis points on Tuesday.

From 17 August 2022, Auswide Bank will increase interest rates on variable rate home, business and personal loans by 0.50%p.a. There will be no change to Auswide Bank’s Low Rate Visa Credit Card.

Depending on the product type and interest rate tier, increases of up to 0.50%p.a. will also be applied to on-call deposit interest rates from 16 August 2022. This includes savings, cash management, pension and children’s accounts. Interest rates on selected term deposits were increased on 29 July 2022 in anticipation of the RBA decision.

Martin Barrett, Managing Director, said this RBA cash rate decision was again widely expected and follows consecutive increases in May, June and July. He said further increases are likely this year.

“Our customer service teams were standing by to assist our customers with their loans and savings needs as they review their finances in response to the rapidly evolving interest rate environment.”

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. Revised deposit interest rates can be viewed on the bank’s website from 16 August 2022.