Following the Reserve Bank of Australia’s increase to the cash rate by 0.25% per annum on Tuesday, 2 May 2023, P&N Bank is making changes to interest rates across several deposit and lending products.
Effective from 17 May 2023, our variable rate home loans will increase between 0.25% and 0.32% per annum, with some term deposit products increasing by up to 0.60% p.a. and one savings product by 0.25% p.a. Members will receive communications directly in the coming weeks in relation to these changes.
As a customer-owned bank, our customers are our priority, and so we aim to balance the needs of our borrowers and depositors as we respond to the current interest rate environment. We are committed to ensuring all our products remain highly competitive and we encourage our customers to reach out to us to discuss their options.
We’re here to help. If you’d like more information on how this change might affect your home loan, or if you are experiencing financial difficulties, and would like to discuss options that are available to you, please contact us on 13 25 77, chat with us at pnbank.com.au or visit us in-branch.
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