Following the Reserve Bank of Australia’s increase to the cash rate by 0.50% per annum on Tuesday 5 July 2022, P&N is making changes to interest rates across several deposit and lending products.
From as early as next week, savings and other interest-bearing deposit products will benefit from increases of up to 0.50% per annum. The new rates will take effect from 15 July 2022 for term deposits and 26 July 2022 for savings accounts.
Our variable rate home loans and commercial variable loans will increase by 0.50% per annum, effective from 26 July 2022. Impacted members will receive communications directly in the coming weeks in relation to any changes.
We acknowledge that we are currently in a rate-rising environment that we haven’t experienced in over a decade. As a customer-owned bank, we strive to remain competitive for our members and balancethe needs of both our borrowers and depositors. We understand these changes may place financial pressure on some members and we encourage you to get in touch to find out what options are available to you.
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