June 2023 - RBA Rate Rise Response
On 6 June 2023, the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate, from 3.85% to 4.10% - an increase of 0.25%.
BankVic will pass on the 0.25% increase to all variable rate home loan accounts, with the changes effective from 20 June 2023. We will be communicating to all our home loan members soon to let them know what their new loan details and repayments will be.
Members will also see some interest rate increases across our savings products, which will be announced soon.
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.
View the RBA’s statement about the rate rise here.