In response to the Reserve Bank of Australia’s (RBA) cash rate increase of 0.25% p.a. on Tuesday 3 May 2022, P&N Bank will be increasing home loan interest rates between 0.15% - 0.25% p.a. from 1 June 2022. Members with impacted home loans will be contacted directly in the coming weeks with information on how the rate change will affect them.
We will continue to keep our home loan rates as low as possible and have only passed on the lower increase of 0.15% p.a. to our most popular home loans.
We also acknowledge that the low-interest-rate environment has impacted our deposit account holders. We will be increasing rates on many of our savings accounts by 0.15% p.a. and have increased our term deposit rates with an average increase of 0.36% p.a.
As a customer-owned bank, we continue to remain among the most competitive in market for both lending and savings account rates, and we’re committed to supporting your banking with rates and features that best meet your needs.
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