We've confirmed changes to our rates on lending and deposit products following the Reserve Bank of Australia’s (RBA) November decision to increase the official cash rate by 25 basis points to 2.85%p.a.
Lending interest rates
The interest rate across all variable home loan products has been increased by 0.25%p.a. in line with the RBA. Our Great Rate Discounted Variable Home Loan Rate (Principal & Interest) will increase to 4.45%.
Deposit Product interest rates
In good news for deposit customers, rates on our Bonus Saver, Life Saver and the top two tiers for Retirement Plus deposit accounts again increasing by 0.25%p.a.
Savings Account interest rates
This is the third consecutive month we've increased rates on deposit products.
These latest rate changes will come into effect on Tuesday 15 November 2022, however the repayment changes will not take effect until December 2022.
Our Chief Executive Officer, Scott Morgan, said these changes continue to demonstrate a commitment to balancing the needs of all customers.
“Increasing interest rates for borrowing customers is always a difficult decision and one we do not take lightly, particularly in the current climate where customers have already faced a number changes in recent months,” Mr Morgan said.
“This latest round of changes has however provided another opportunity to increase rates for our depositors, which is another demonstration of our commitment to balancing the needs of all customers.”
Scott Morgan, Greater Bank CEO
“Despite the latest increases, we continue to remain very competitive across the market lending market, and our customers remain well placed to manage these latest changes.”
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 13 13 86 to discuss their options.
