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5 October 2018

We’re making changes to our owner occupier and investment home loan rates

We will be making some changes to our standard variable interest rates for investment and owner-occupier home loans. From October 5, 2018, the standard variable interest rate will increase by 0.15% p.a. for new and existing home loan customers.

Why are we changing our rates?

Like other banks who have raised their home loan interest rates in recent weeks, we use customers’ deposits and other sources of funding to lend to our borrowers and we pay interest to attract and use these deposits. Over a sustained period, the cost of this money has increased and as a result we are having to pass on some of this increased cost. This decision was a difficult one, but is required to continue to balance the needs of our borrower and depositor members.

What you need to know

If your loan has a variable interest rate, your minimum monthly loan repayment will change. To help you manage this change, your repayments will not change until January, 2019, when you will need to ensure your repayment is adjusted accordingly.

We will send you a separate communication detailing your new repayment amount in coming weeks and it will also be shown in your December loan statement.

Why choose us?

Established in 1880, we have been helping people achieve their financial goals for 140 years and are rated by Forbes as one of the World’s Best Banks. We offer a full range of competitive banking, including home and personal lending, savings and transaction accounts, term deposits, business banking, and can arrange financial planning, insurance and travel products.

We provide simple and secure digital banking solutions online and on mobile, and members enjoy access to free automated phone and internet banking, and a team of professionals at our locally based contact centre. With a growing branch network throughout the Illawarra, Sydney, NSW South Coast, Newcastle/Hunter, the ACT and Melbourne, we have a lending specialist in every branch and a team of mobile lending specialists who will come to you.

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