Australian Military Bank Interest Rate Announcement
Following the announcement by the RBA to lift the cash rate on 5 July 2022, Australian Military Bank will be making changes to a number of loan and deposit products.
Variable home and investment loan rates (including DHOAS) will be increasing by 0.50% p.a. effective 27 July 2022. This will apply to all new and existing variable rate loans.
We are also announcing increases to our term deposits and DIY Super Saver to be effective from 13 July. This includes a 12 month term deposit offer of 2.60%. Our DIY Super Saver Account will increase by 0.50% to 1.15%.
Our Online Saver bonus rate will also increase by 0.50% on 1 August to allow for a maximum rate of 1.70% to be received by members on this account.
Chief Executive Officer, Darlene Mattiske-Wood, said “Whilst making a decision to increase interest rates for borrowers is never easy, as a member owned organisation we need to balance the needs of our members with both loans and deposits.”
“Our decision to increase interest rates on deposit accounts helps us support those members that rely on interest income. At the same time, we acknowledge that with three consecutive months of increases to official interest rates, many borrowers are seeing their mortgage costs materially increase. We assure our members that we are here to support you through these changes.”
We encourage our members who may be experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist.