Australian Military Bank Interest Rate Announcement
Following the announcement by the RBA to lift the cash rate on 6 September 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 27 September 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 Tuesday 20 September 2022, AMB will be increasing it’s DIY Super Saver rate by 0.50% to 2.15%. Furthermore, following a strong increase in August, AMB will be increasing it’s Online Saver Account bonus rate on 1 October 2022 by 0.30% to now offer a maximum rate (including bonus) of 2.50%.
While some commentators believe that the cash rate increases may slow in frequency and size in the coming months, we understand that this period of increases has created challenges for borrowers and their household budgets. 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.