Australian Military Bank Interest Rate Announcement
Following the recent announcement by the RBA to lift the cash rate, Australian Military Bank will be lifting variable home and investment loan rates by 0.25% p.a. effective 20 May 2022.
Chief Executive Officer, Darlene Mattiske-Wood said: “As a mutual bank owned entirely by its members, Australian Military Bank has worked hard to retain lending rates at the lower end of the market for as long as possible."
“This decision comes as the industry and Australian Military Bank experience significant increases to funding costs. This benefits many of our members who rely on the income from term deposits, such as veterans and RSL sub-branches, however does mean that some of our members, including our significant membership of first home buyers, will be experiencing their first increase to repayments since taking out their loan. Given the buffers that we place on affordability before providing loans, we are confident that our members will be able to meet these increased obligations.”
"This decision is not made lightly and in the current highly competitive environment, we must ensure sustainability for the entire membership so that we can continue to support all of our members and the wider Defence community.”
Australian Military Bank is here to support our members through this change. We encourage our members who are experiencing difficulty in meeting their repayments to contact us on 1300 13 23 28 to discuss how we can assist.