BSB 806 015

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Following the Reserve Bank of Australia's announcement on Tuesday 3 May, we have released information on interest rate changes. View details

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BSB 806 015

P&N Bank passes on average term deposit increases of 0.36% p.a.

10 May2022

KEY POINTS

  • P&N Bank is passing on rate increases, including:
    • an average increase of 0.36% p.a. across the term deposit portfolio
    • up to 0.15% p.a. across the savings portfolio and
    • between 0.15% to 0.25% p.a. for mortgages.
  • Highly competitive rates remain on offer for variable, fixed, owner-occupier and investor loans – for new and existing borrowers.
  • Customers urged to compare like-for-like rates in the market rather than the percentage increase relative to the RBA rate increase.
  • The range of increases balances the needs of both borrowers and deposit holders.

WA’s customer-owned P&N Bank will increase its term deposit rates by an average of 0.36% p.a., savings account interest rates by up to 0.15% p.a. and will pass on lending rate increases of 0.15% p.a. on its most popular home loans following the Reserve Bank of Australia’s (RBA) official cash rate change announced on Tuesday 3 May 2022.

In announcing the rate changes, P&N Group CEO Andrew Hadley confirmed that as a customer-owned bank, the Group is committed to providing value to all its customers. 

“With this commitment in mind, and in balancing the needs of both our borrowers and deposit holders, we will be passing on rate changes that will benefit the greatest number of our customers across our entire suite of both deposit and lending products.

“We acknowledge that the low RBA cash rate and cost of funding environment has particularly impacted our depositors and this change will likely be a welcome one for them,” he said.

P&N Bank General Manager, Angela Newland, confirmed that the Bank will offer increased term deposit rates and some savings accounts as early as this week with interest rate increases up to 0.15% p.a. for savings accounts and a range of attractive new term deposit rates. 

“It’s pleasing to be in a position to offer these increases for our deposit holders,” she said. 

“In addition, we have sought to minimise home loan increases, with a 0.15% p.a. increase to our most popular home loans.  

“P&N Bank continues to offer highly competitive rates across the whole range of its home loan products to suit all borrowers, including variable, fixed, owner-occupier and investor loans, for both new and existing borrowers.

“Customers are encouraged to focus on comparing rates across like-for-like products, rather than simply focusing on what percentage of the RBA rate cut we are passing on.

“The P&N lending team can help by undertaking a full lending assessment for existing and new customers and can be contacted on 13 25 77.”

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