For the second time in consecutive months, BankVic is not passing on the full Reserve Bank interest rate rise to our home loan borrowers.
PLEASE NOTE: The date of the rate rise has been brought forward to 28 June (not 5 July) in order to minimise disruption to existing members' repayment cycles.
On Tuesday 7 June the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 0.35% to 0.85% - 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%.
“We recognise that many of our members are working on the frontline of the police, healthcare and emergency services, so we want to support our members in minimising the impacts of increasing living costs” said BankVic CEO, Anthony De Fazio. “As a member-owned bank, our members come first. This is why we have again chosen not to pass on the full rate increase.”
Our new variable home loan rates will be effective from 28 June 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.
There’s also good news for savers, with BankVic increasing the interest rate on a range of accounts earning interest by between 0.35% and 0.45%.
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.