Australian Military Bank Interest Rate Announcement
Following the announcement by the RBA on 2 May 2023 to lift the cash rate, Australian Military Bank will be making changes to a number of loan and deposit products.
Interest rates for 2, 3 and 5 year fixed rate home and investment loans will be reduced by 0.55% p.a, 0.40% p.a and 0.20% p.a respectively, effective 9 May. This will apply to all new fixed rate home and investment loans.
We are also increasing the bonus rate by 0.25% on our Online Saver to a maximum rate of 4.00% (effective 1 June), our DIY Super Saver to a new rate of 3.65% (effective 9 May) which will be passed on to our existing members. New Term Deposit specials of 4.50% for 5 to 9 month Term Deposits will be available from 9 May.
Variable home and investment loan interest rates (including DHOAS) will be increasing by 0.25% p.a. effective 16 May, with repayments to change from 14 June. This will apply to all new and existing variable rate loans. Members with a change to repayments will receive communication confirming their new repayments.
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.