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We're lifting our rates across a range of products

We're increasing our interest rates across a range lending and term deposit products following the Reserve Bank of Australia’s (RBA) decision this week to increase the official cash rate by 50 basis points to 1.35%.

Our variable base rates on housing and business products will be increased by 0.50%p.a.

For existing and new borrowers this rate change will apply from 13 July with the new repayments becoming effective from 31 August, 2022.

In welcoming news for depositing customers, term deposit rates have been increased by up to 1.00%, which follows an increase in rate on the Bonus Saver and Retirement Plus deposit products in June.

Our Chief Executive Officer, Scott Morgan, said the changes continue to demonstrate a commitment to balancing the needs of all customers.

“Increasing our variable interest rate three times in as many months is not an easy decision, nor is it one we take lightly in what is a challenging economic environment”

Scott Morgan, Greater Bank CEO

“We believe though that overall, our customers are well placed to manage the change, with around 75% more than one month in advance on repayments.

“The change has again been positive news for our term deposit customers who have experienced very modest returns on their investments over a number of years.

“While the official cash rate is a key metric for rate changes, it was important that we took the time to review a number of factors before confirming our change, including customer and business impacts.” Mr Morgan said.

Mr Morgan said that any customers experiencing financial difficulty at this time and are struggling to meet their home loan commitments are encouraged to contact us on on 13 13 86 to discuss their options.

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