BankVic interest rate update
For the third time in consecutive months, BankVic is not passing on the full Reserve Bank interest rate rise to our home loan borrowers.
On Tuesday 5 July the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 0.85% to 1.35% - 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 0.50%.
"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 19 July 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.
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.