Great Southern Bank responds to RBA interest rate increase
6 May, 2022
Great Southern Bank will increase variable home loan interest rates, effective from 12 May 2022, following the Reserve Bank of Australia’s decision this week to lift the official cash rate for the first time in more than a decade.
Variable rates will increase by 0.25% per annum across the bank’s range of owner-occupied and investor home loans1.
“These decisions are never easy,” said Great Southern Bank’s Chief Customer Officer Megan Keleher. “Buying a home is a big financial commitment and for many of our home loan customers, this will be their first time experiencing an RBA rate increase.
“At Great Southern Bank, we’re committed to helping all Australians own their own home and that means being here to support customers through the highs and lows of the interest rate cycle.”
Great Southern Bank borrowers with a variable rate home loan will receive a notice in the mail in the coming weeks to confirm the new rate and repayment amount specific to them.
About Great Southern Bank
For over 75 years, we’ve been putting our customers first, and today we look after the financial needs of more than 381,000 Australians. We have changed our name from CUA to Great Southern Bank but we remain customer-owned and firmly focused on helping all Australians own their own homes.
1. Rate Breaker home loan rates are reviewed each month in line with the terms and conditions specific to that product.