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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
Updates to interest rates on P&N Bank products
In response to the Reserve Bank of Australia’s (RBA) cash rate increase of 0.25% p.a. on Tuesday 3 May 2022, we will be increasing our home loan interest rates between 0.15% - 0.25% p.a., savings accounts by up to 0.15% p.a. and term deposit rates by up to 0.80% p.a.
The complete list of upcoming rate changes for P&N Bank products can be found below.
Effective from Wednesday 1 June 2022, the following changes to our variable home loan interest rates will apply:
| Home loans | Current rate | New rate |
| Simple Home Loan | 2.82% p.a. | 2.97% p.a. |
| & Home Loan (Intro Rate) | 2.64% p.a. | 2.79% p.a. |
| & Home Loan | 3.12% p.a. | 3.27% p.a. |
| & Investor Home Loan (P&I) | 3.23% p.a. | 3.38% p.a. |
| & Investor Home Loan (IO) | 3.43% p.a. | 3.58% p.a. |
| & Basic Home Loan < 60% LVR | 2.09% p.a. | 2.34% p.a. |
| & Basic Home Loan > 60 - 90% LVR | 2.19% p.a. | 2.44% p.a. |
| & Investor Basic Loan < 70% LVR (P&I) | 2.29% p.a. | 2.54% p.a. |
| & Investor Basic Loan < 70% LVR (IO) | 2.59% p.a. | 2.84% p.a. |
| & Investor Basic Loan > 70% LVR (P&I) | 2.49% p.a. | 2.74% p.a. |
| & Investor Basic Loan > 70% LVR (IO) | 2.74% p.a. | 2.99% p.a. |
| Equity / Investor Access Home Loan | 4.87% p.a. | 5.12% p.a. |
| Reverse Mortgage Home Loan | 5.40% p.a. | 5.65% p.a. |
| Bridging Home Loan | 5.27% p.a. | 5.52% p.a. |
| Smooth Home Loan < 80% LVR | 3.87% p.a. | 4.12% p.a. |
| Smooth Home Loan > 80% LVR | 3.97% p.a. | 4.22% p.a. |
| Variable Home Loan (Owner Occupied)^ | 2.82% p.a. | 2.97% p.a. |
| Variable Home Loan (Investor)^ | 3.23% p.a. | 3.38% p.a. |
| Easy Living Access Loan# | 5.40% p.a. | 5.65% p.a. |
#No longer available for sale.
^Not available for sale. Fixed Rate Home Loans will automatically roll over to this product at the end of the fixed period.
Effective from Wednesday 1 June 2022, the following changes to our credit card interest rates will apply:
| & Visa Platinum Credit Card | Current rate | New rate |
| Purchase Interest Rate | 3.12% p.a. | 3.27% p.a. |
| Balance Transfer Interest Rate | 3.12% p.a. | 3.27% p.a. |
| Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |
| Simple Visa Credit Card (discontinued) | Current rate | New rate |
| Purchase Interest Rate | 2.82% p.a. | 2.97% p.a. |
| Balance Transfer Interest Rate | 2.82% p.a. | 2.97% p.a. |
| Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |
Effective from Friday 13 May 2022, the following changes to our Fixed Rate Home Loans will apply:
| Fixed Rate Home Loans (Owner Occupied) | Current rate | New rate |
| Fixed Rate 1 Year < 80% LVR | 2.99% p.a. | 3.09% p.a. |
| Fixed Rate 1 Year > 80% LVR | 3.14% p.a. | 3.24% p.a. |
| Fixed Rate 2 Year < 80% LVR | 3.29% p.a. | 3.59% p.a. |
| Fixed Rate 2 Year > 80% LVR | 3.44% p.a. | 3.74% p.a. |
| Fixed Rate 3 Year < 80% LVR | 3.74% p.a. | 3.94% p.a. |
| Fixed Rate 3 Year > 80% LVR | 3.84% p.a. | 4.04% p.a. |
| Fixed Rate 4 Year < 80% LVR | 4.14% p.a. | 4.54% p.a. |
| Fixed Rate 4 Year > 80% LVR | 4.19% p.a. | 4.59% p.a. |
| Fixed Rate 5 Year < 80% LVR | 4.44% p.a. | 4.64% p.a. |
| Fixed Rate 5 Year > 80% LVR | 4.54% p.a. | 4.74% p.a. |
| Fixed Rate Home Loans (Investor) | Current rate | New rate |
| Fixed Rate 1 Year < 80% LVR | 3.19% p.a. | 3.29% p.a. |
| Fixed Rate 1 Year > 80% LVR | 3.39% p.a. | 3.49% p.a. |
| Fixed Rate 2 Year < 80% LVR | 3.49% p.a. | 3.79% p.a. |
| Fixed Rate 2 Year > 80% LVR | 3.69% p.a. | 3.99% p.a. |
| Fixed Rate 3 Year < 80% LVR | 3.89% p.a. | 4.24% p.a. |
| Fixed Rate 3 Year > 80% LVR | 4.09% p.a. | 4.44% p.a. |
| Fixed Rate 4 Year < 80% LVR | 4.29% p.a. | 4.64% p.a. |
| Fixed Rate 4 Year > 80% LVR | 4.49% p.a. | 4.84% p.a. |
| Fixed Rate 5 Year < 80% LVR | 4.49% p.a. | 4.79% p.a. |
| Fixed Rate 5 Year > 80% LVR | 4.69% p.a. | 4.99% p.a. |
Effective from Friday 13 May 2022, the following changes to our savings account interest rates will apply:
| Hi Saver Account | Current rate | New rate |
| Standard Rate $0 - $4,999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| Standard Rate $5,000+ (no change) | 0.05% p.a. | 0.05% p.a. |
| Bonus Rate $5,000+ | 0.45% p.a. | 0.60% p.a. |
| & Retirement Account | Current rate | New rate |
| $0+ | 0.25% p.a. | 0.35% p.a. |
| Business Saver Account | Current rate | New rate |
| $0 - $4,999.99 | 0.00% p.a. | 0.15% p.a. |
| $5,000+ | 0.10% p.a. | 0.25% p.a. |
Effective from Friday 13 May 2022, the following changes to our term deposits interest rates will apply:
| Money Maker Term Deposits ($5,000+) | Current rate | New rate |
| 2 months | 0.10% p.a. | 0.35% p.a. |
| 3 months | 0.60% p.a. | 0.80% p.a. |
| & Retirement Term Deposit (3 months) | 0.65% p.a. | 0.85% p.a. |
| 4 months | 0.60% p.a. | 0.80% p.a. |
| 5 months | 0.60% p.a. | 0.80% p.a. |
| 6 months | 0.80% p.a. | 1.00% p.a. |
| 7 months | 0.30% p.a. | 0.60% p.a. |
| 8 months | 0.30% p.a. | 0.60% p.a. |
| 9 months | 0.30% p.a. | 0.60% p.a. |
| 10 months | 0.30% p.a. | 0.60% p.a. |
| 11 months | 0.30% p.a. | 0.60% p.a. |
| Regular Income Term Deposits ($5,000+) | Current rate | New rate |
| 12 - 35 months (Interest paid monthly) | 0.85% p.a. | 1.10% p.a. |
| 12 - 35 months (Interest paid quarterly) | 0.85% p.a. | 1.10% p.a. |
| 12 - 35 months (Interest paid annually) | 0.85% p.a. | 1.10% p.a. |
| 36 - 60 months (Interest paid monthly) | 0.95% p.a. | 1.75% p.a. |
| 36 - 60 months (Interest paid quarterly) | 0.95% p.a. | 1.75% p.a. |
| 36 - 60 months (Interest paid annually) | 0.95% p.a. | 1.75% p.a. |