4e November 2022
Auswide Bank raises variable loan interest rates by 0.25% after November cash rate hike
Auswide Bank will raise interest rates on variable loans following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 25 basis points on Tuesday.
From November 15, 2022, interest rates on existing variable rate home, business and personal loans will increase by 0.25% per annum. Auswide Bank’s low-rate Visa credit card rate will also increase by 0.25% per year.
Auswide Bank fixed interest rates, term deposits and savings account interest rates remain under review.
Martin Barrett, chief executive, said the only safe bet on Melbourne Cup day was that the RBA would raise the official exchange rate. “They did it by a quarter of a percent advising in their statement that inflation in Australia is too high with, on the year to September, the CPI inflation rate was 7 .3%, the highest in more than three decades.”
“The RBA has also indicated that it remains steadfast in its determination to bring inflation back to its target and will do what is necessary to achieve this. A further rise in inflation is expected in the coming months, with an expected peak at around 8% later this year.According to the RBA, inflation is then expected to decline next year due to the ongoing resolution of global supply problems, recent declines in the prices of some basic commodities and slower demand growth.
Mr Barrett said Auswide Bank’s customer service teams continued to support customers in response to the increases, with the vast majority of customers continuing to meet their loan repayment deadlines. He said when a customer has an increased loan repayment, they will be notified by letter before their next repayment is due. A customer’s applicable interest rate will also appear on their next loan statement.
All media inquiries to:
Karyn Kelly, Marketing Manager
M: 0414 011 695
About Auswide Bank Ltd
Auswide Bank helps Australians with a wide range of personal and business banking products and services issued directly or in partnership with leading service providers through branches, strategic relationships and online and digital channels.
Auswide Bank believes it’s the little things that set us apart and can make a big difference to our customers and our communities.