Our response to the December 2022 RBA Rate Rise
On 6 December 2022 the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate, from 2.85% to 3.10% - an increase of 0.25%. BankVic will pass on the full 0.25% increase to all variable rate home loan accounts.
The new variable home loan rates will be effective from 20 December 2022. We will be communicating to all our home loan members soon to let them know what their new loan details and repayments will be.
Savers will also benefit, as we increase rates across all savings and term deposit products, particularly on our 6 month, 12 months and longer, term deposits.
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.
