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Update on variable home loan interest rates

10 June 2022

Great Southern Bank will increase variable home loan interest rates, effective from 22 June 2022, following the Reserve Bank of Australia’s decision this week to lift the official cash rate.

After experiencing a falling or stable RBA cash rate for the past 11 years, Australia has now moved into a rising interest rate environment and further increases are expected in the months ahead.

Variable rates will increase by 0.50% per annum across most of the bank’s range of owner-occupied and investor home loans. Rate Breaker Home Loans will be reviewed in line with that product’s specific terms and conditions.

For customers paying principal and interest, the new minimum repayment amount will apply from their next repayment due date on or after 27 July 2022.

For interest-only customers, the next payment due on 1 July will reflect the interest charged partly at the previous interest rate (1-21 June) and partly at the new rate (22 June onwards).

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. We are here to help customers - if you want to discuss your situation, phone us on 1300 175 501.

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.