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RBA cash rate changes

What these are and what they mean to you as a customer.

We are reviewing interest rates

Following the Reserve Bank of Australia’s (RBA) cash rate increase, we are reviewing the interest rates on our savings and loan products and what that means for our customers.

If you're a customer with us and your loan rate increases, rest assured we will write to you to advise you of your new repayment amount and when it takes effect.

What is the RBA cash rate?

The cash rate is a figure set by the Reserve Bank of Australia (RBA), representing the interest rates that banks and lenders have to pay on the money they borrow and lend to each other. The RBA makes an announcement each month (except January) whether the official cash rate will remain the same or move up or down.

The RBA increases the cash rate to manage the performance of the Australian economy. Among their current considerations is the rate of inflation or the rising cost of goods and services. The RBA believes lifting the cash rate will reduce spending and see the rate of inflation moderate.

Why do these changes affect interest rates?

This increased cost of borrowed money needs to be factored into the interest rates we charge and, sometimes, this will flow through to our interest rates on loans and deposits for our personal and business customers. 

We regularly review interest rates to ensure they balance the needs of savers and borrowers and are competitive in the market. 

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