Auswide Bank : 07/02/23 Auswide Bank increases variable loan interest rates

07 February 2023

Auswide Bank increases variable loan interest rates

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 14 February 2023, interest rates on existing variable rate home, business and personal loans will increase by 0.25%p.a. Interest rates on any new variable rate home loans lodged from 8 February 2023 have also increased by various amounts inclusive of the 25 basis point cash rate increase - full details are contained in the table below.

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

Martin Barrett, Managing Director, said the RBA was widely anticipated to lift the cash rate by the 25 basis points, although there had been some predictions that the amount could have been higher. He said the decision followed continued inflationary pressures in the December quarter. "In their commentary today, the RBA did indicate there were more rate rises ahead. However, inflation is expected to ease over the course of 2023 with market commentators predicting the RBA may slow the rate tightening cycle which is good news for borrowers."

Mr Barrett said Auswide Bank customer service teams are available to support customers in response to the increases. He said the great majority of customers are continuing to meet their scheduled loan repayment. Mr Barrett 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

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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.

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