May 2023 - RBA Rate Rise Response

On 2 May 2023,  the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 3.60% to 3.85% - 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 16 May 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.

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.