Understanding RBA cash rate and its impact on home ownership
Variable base rates on Owner Occupied, Investment and Business loans, as well as all Line of Credit will increase by 0.50%p.a.
For existing and new borrowers this rate change will be effective from 10 August, 2022.
There will be no rate change across Fixed Rate Loan, Personal Loan and Credit Card products, while there will be an increase across targeted deposit products.
Greater Bank’s Acting Chief Executive Officer, Bruce White, said these changes continue to demonstrate a commitment to balancing the needs of all customers.
“While this is the fourth consecutive monthly increase in the official cash rate by the RBA, something not seen in nearly 30 years, we’ve refrained from taking an across-the-board approach to increasing rates on our entire suite of lending products.”
Bruce White, acting Greater Bank CEO
“This is reflective of our ongoing position of reviewing a range of factors, including customer and business impacts, before confirming any rate change.
“We acknowledge that any rate change is difficult for customers and one we don’t take lightly, particularly given the economic challenges many are facing.
“Overall, though, our customers remain well placed to manage through this period of unprecedented interest rate changes, with around 75% more than one month in advance on repayments.”
Mr White 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 13 13 86 to discuss their options.
