On Tuesday 3 May the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate by 0.25%, from 0.1% to 0.35%. Unlike many banks, BankVic is not passing on the full increase to our home loan members and will only increase our rates by 0.20%, not the full 0.25%.
BankVic has always sought to provide great value for money and provide the personal service we are known for. Our home loan rates are some of the best in the market and these, combined with policies like lending to borrowers with a 10% deposit without needing to take out mortgage lenders insurance, have helped more police, emergency and health workers own and pay off their home sooner.
Our new variable home loan rates will be effective from 20 May 2022. We’ll be communicating to all our home loan customers 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 0.15% and 0.20%.
As a member-owned bank, BankVic doesn’t distribute profits to shareholders. Profits generated are re-invested into the business to benefit members or invested into our members’ communities.