Australian Military Bank Interest Rate Announcement
Following the announcement by the RBA to lift the cash rate on 2 August 2022, 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 increasing by 0.50% p.a. effective 17 August 2022. This will apply to all new and existing variable rate loans. Members with a change to repayments will receive communication confirming their new repayments.
Effective today, 5 August, we have increased our term deposits and DIY Super Saver rates. This includes a 24 month term deposit offer of 3.40%. Our DIY Super Saver Account has increased by 0.50% to 1.65%. Additionally, a further increase was applied to Online Saver accounts on 1 August, where the bonus rate increased by 1.00% (0.50% higher than previously announced). This takes the maximum rate that can be earned on this account (including bonus) to 2.20%.
These increases to deposit rates allow us to continue support our members who rely on interest income.
We understand that the number of consecutive interest rate increases has been challenging for borrowers. 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.