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Dear Members,
In line with the Reserve Bank of Australia’s recent cash rate rise, Regional Australia Bank has made the decision to raise interest rates on all variable home, business loans and mortgage secured overdrafts by 0.25% p.a. We will also be increasing the Boosted Interest Rate on our Savings Booster accounts by 0.30% p.a.
Following the Australian Prudential Regulation Authority’s (APRA) increase in serviceability rates late last year to ensure more prudent and responsible lending, we have seen interest rates begin to increase throughout the home loan market. While record low rates have been with us for a significant period of time, it is now time for Regional Australia Bank to adjust our settings in line with market activity.
The changes will come into effect on the following dates:
- Variable home & business loans: 25 May, 2022
- Mortgage secured overdrafts: 1 June, 2022
- Savings Booster accounts: 1 June, 2022
Impacted borrowers will be contacted individually to advise them of the new rate and minimum repayment amount applicable to their account (if relevant).
If you have any questions about this change or are facing financial difficulty, please contact your Personal Relationship Manager directly. Alternatively, you can contact our friendly staff on 132 067 or visit us at your local branch.
Dave Heine
Chief Executive Officer.
