Australian Military Bank Interest Rate Announcement
Following the recent announcement by the RBA to lift the cash rate, Australian Military Bank will be making changes to a number of lending and deposit products.
Variable home and investment loan rates (including DHOAS) will be increasing by 0.50% p.a. effective 23 June 2022. This will apply to all new and existing variable rate loans.
Chief Executive Officer, Darlene Mattiske-Wood, said “As a member-owned organisation, Australian Military Bank seeks to balance the needs of all members when making decisions on interest rates. These changes continue to see the Bank deliver value to both savers and borrowers within our membership base.”
We are also announcing increases to our term deposits of up to 0.70% to be effective from 15 June 2022. Our maximum term deposit interest rate will now be 2.50% for terms greater than 19 months.
Our Online Saver bonus rate will also increase by 0.50% on 1 July 2022 to allow for a maximum rate of 1.20% to be received by members on this account.
“Our term deposit rates are now amongst the market leaders, providing savers who have had to battle in a low interest rate environment with some much-needed relief. At the same time, we acknowledge the increasing costs for borrowers, and assure our members that we are here to support you through these changes.”
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.