Auswide Bank : 04/11/22 Auswide Bank increases variable loan interest rates by 0.25% following November cash rate increase

4th November 2022

Auswide Bank increases variable loan interest rates by 0.25% following November cash rate increase

Auswide Bank will increase interest rates on variable loans following the Reserve Bank of Australia's (RBA) decision to increase the cash rate by 25 basis points on Tuesday.

From 15 November 2022, interest rates on existing variable rate home, business and personal loans will increase by 0.25%p.a. Auswide Bank's Low-Rate Visa credit card rate will also increase by 0.25%p.a.

Auswide Bank fixed interest rates, term deposits and savings account interest rates remain under review.

Martin Barrett, Managing Director, said the only sure bet on Melbourne Cup Day was that the RBA would increase the official cash rate. "They did so by a quarter percent advising in their statement that inflation in Australia is too high with, over the year to September, the CPI inflation rate was 7.3 per cent, the highest it has been in more than three decades."

"The RBA also advised it remained resolute in its determination to return inflation to target and will do what is necessary to achieve that. A further increase in inflation is expected over the months ahead, with a peak forecast at around 8 per cent later this year. According to the RBA, inflation is then expected to decline next year due to the ongoing resolution of global supply-side problems, recent declines in some commodity prices and slower growth in demand."

Mr Barrett said Auswide Bank customer service teams continued to support customers in response to the increases with the great majority of customers continuing to meet their scheduled loan repayment. He said where a customer has an increased loan repayment, they will be advised by letter in advance of their next repayment due date. A customer's applicable interest rate will also appear on their next loan statement.

All media enquiries to:

Karyn Kelly, Head of Marketing

M: 0414 011 695

About Auswide Bank Ltd

Auswide Bank helps Australians with an extensive range of personal and business banking products and services issued directly or in partnership with leading service providers via branches, strategic relationships and online & digital channels.

Auswide Bank believe that it's the small things that make us different and can make a big difference for our customers and communities.