Australian Military Bank Interest Rate Announcement
Following the announcement by the RBA on 7 November 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products.
Variable home and investment loan interest rates (including DHOAS) will be increased by 0.25% p.a. effective 21 November 2023, with repayments to change from 19 December 2023. This will apply to all new and existing variable rate loans. Members with a change to their repayments will receive communication confirming their new repayments.
We will also be increasing the rates on selected savings accounts. New and existing account holders will be able to earn up to 4.50%* with our Online Saver and 4.15% with our DIY Super Saver. These changes will be effective by 1 December 2023 and 17 November respectively. We’ve also recently increased our term deposit rates, with members now able to earn 5.05% for 10-12 month terms.
We understand that successive increases to interest rates will impact our members with variable rate home loans. 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.
* Online Saver accounts earn a base rate of 0.10% each month for balances between $0 and $500,000, with a bonus 4.40% earned if you don’t make any withdrawals during the month.