We'll be increasing our variable home loan rates by 0.25% p.a. in interest rates on a range of lending products following the Reserve Bank of Australia’s (RBA) decision in March to increase the official cash rate to 3.60% p.a.
The increase will apply to the variable rate on Housing and Business Loans, as well as Line of Credit, and will be effective from Wednesday, 15 March 2023.
We're continuing to review our position on interest rates across deposit products.
Chief Customer and Digital Innovation Officer, James Cudmore, acknowledged the challenges another interest rate increase presents for customers.
“Increasing our rates on lending products is never an easy decision, particularly given the current economic environment and cost of living pressures,” Mr Cudmore said.
“Despite these latest changes, we are confident that Greater Bank continues to offer competitive rates when comparing across the industry and remains a real alternative to the big banks."
James Cudmore, Chief Customer and Digital Innovation Officer, NGM Group
“While many of our customers remain well positioned to meet their financial obligations, it’s important for those who are experiencing financial difficulty and are struggling to meet their home loan commitments to know there are options available. Please contact Greater Bank on 13 13 86 so we can work through this matter with you.”
