We've kept our rate rises lower than the RBA - again
For the fifth time in consecutive months, BankVic is not passing on the full Reserve Bank interest rate rise to our home loan borrowers.
On 6 September 2022, the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 1.85% to 2.25% - an increase of 0.5%. Unlike many banks, BankVic is again choosing not to pass the full increase on to our home loan members, increasing rates by 0.45%, not the full 0.5%.
Our new variable home loan rates will be effective from 20 September 2022. We will be communicating to all our home loan members again soon to let them know what their new loan details and repayments will be.
BankVic also announced changes to benefit savers, with interest rates set to increase significantly across our 6, 9 and 12 month term deposit products:
- 6 month Term Deposit now 2.45%
- 9 month Term Deposit now 2.75%
- 12 month Term Deposit now 3.00%
For more information on the rates for all loan and deposit products, head to BankVic
As a member-owned bank, BankVic doesn’t distribute profits to shareholders. Profits generated are re-invested back into the business to benefit our members and their communities.