Following the Reserve Bank of Australia’s increase to the cash rate by 0.50% per annum on Tuesday 6 September 2022, P&N Bank is making changes to interest rates across several deposit and lending products.
From as early as this week, deposit products will benefit from increases of up to 0.90% per annum. The new rates will take effect from 20 September 2022.
Our variable rate home loans will increase by between 0.20% and 0.50%p.a., with an increase of 0.75% per annum (for our & Basic Home Loan customers), effective from 28 September 2022. Members will receive communications directly in the coming weeks.
We understand the impact of the five consecutive RBA official cash rate increases since May 2022, and for & Basic Home Loan borrowers, you may not be aware that P&N Bank has intentionally held off from passing on rate increases in full.
As a customer-owned bank, we need to respond to the current interest rate environment as well as balancing the needs of borrowers and depositors. P&N Bank remains committed to ensuring your home loan rate continues to be competitive in the market.
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.
If you’d like to get in touch, please contact us on 13 25 77, chat with us at www.pnbank.com.au or visit us in-branch.
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