6e October 2022
Auswide Bank raises variable loan interest rates by 0.25% after October cash rate hike
Auswide Bank will raise interest rates on variable loans following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 25 basis points on Tuesday.
From October 13, 2022, interest rates on existing variable rate home, business and personal loans will increase by 0.25% per annum. Auswide Bank’s low-rate Visa credit card rate will also increase by 0.25% per year.
Interest rates for Auswide Bank fixed rate loans, term deposits and savings accounts remain under review.
Martin Barrett, chief executive, said the RBA’s sixth straight cash rate hike came as no surprise, but the 25 basis point increase signaled a slowing pace of tightening.
“The RBA tightened its monetary policy in a very short time between May and October after raising the cash rate by 2.50%. While the market generally expects the RBA to raise the cash rate again by 25 basis points at its November board meeting, it is less certain what happens after that, with some market commentators saying any November increase could be near the peak of the bull cycle.”
Mr Barrett said Auswide Bank’s customer service teams continue to support our customers in response to this latest increase. He said that when a client has a new loan repayment, they will be notified by letter in advance of their next repayment due date. A customer’s applicable interest rate will also appear on their next loan statement.
All media inquiries to:
Karyn Kelly, Marketing Manager
M: 0414 011 695
About Auswide Bank Ltd
Auswide Bank helps Australians with a wide range of personal and business banking products and services issued directly or in partnership with leading service providers through branches, strategic relationships and online and digital channels.
Auswide Bank believes it’s the little things that set us apart and can make a big difference to our customers and our communities.
Auswide Bank Ltd. published this content on October 06, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on October 06, 2022 05:11:03 UTC.