Effective 1 June 2023
Effective 1 June 2023 we increased our Residential variable and revolving credit interest rates as follows:
- A 0.44% increase to variable rates
- A 0.44% increase to the revolving credit rate
Because our rates have increased the applicable interest rate for customers:
- with existing lending in place as at 1 June 2023 and
- whose current interest rate* is made up of one of the rates that is increasing,
will increase by the same amount as the increase in the relevant rate (this includes where a margin or discount is applied to your loan).
The increases for these customers will be effective from Thursday 22 June 2023. The table below shows the change in variable and revolving credit interest rates for customers with existing lending in place as at 1 June 2023.
| Until 21 June 2023 | From 22 June 2023 | ||||
|---|---|---|---|---|---|
| Special variable rate | Until 21 June 2023 | 8.39% p.a. | From 22 June 2023 | 8.64% p.a. | |
| Standard variable rate | Until 21 June 2023 | 9.19% p.a. | From 22 June 2023 | 9.44% p.a. | |
| Revolving credit rate | Until 21 June 2023 | 8.49% p.a. | From 22 June 2023 | 8.74% p.a. |
Helpful information to know
- The changes do not apply to fixed interest rate loans.
- We’re happy to advise your specific rate and payment details on request.
*See your home loan contract for information on which interest rate applies to your loan. Note that our special variable rate is generally available for customers who have a deposit of 20% or more.