Auswide Bank increases loan interest rates after September 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 50 basis points yesterday.
From 20 September 2022, Auswide Bank will increase interest rates on existing variable rate home, business and personal loans by 0.50%p.a. New home loan variable rates will also increase by up to 0.40% depending on the product. Home and business loan fixed rates have also been increased by up to 0.30% depending on the term.
There will be no change to Auswide Bank’s Low Rate Visa Credit Card and interest rates on term deposits and savings accounts are under review.
Martin Barrett, Managing Director, said the RBA cash rate decision was the fifth consecutive increase as the RBA sought to curb inflation.
“Our customer service teams are again here to work with 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.