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 today.

## Interest rate changes May 2023

Effective from **Wednesday 17 May 2023**, the following changes to our variable home loan interest rates will apply:

Variable rate home loans | Current rate | New rate |
---|---|---|

& Basic Home Loan up to 60% LVR | 5.17% p.a. | 5.49% p.a. |

& Basic Home Loan > 60% - 80% LVR | 5.24% p.a. | 5.54% p.a. |

& Basic Home Loan > 80% - 95% LVR | 5.44% p.a. | 5.69% p.a. |

Offset Home Loan up to 60% LVR | 5.34% p.a. | 5.59% p.a. |

Offset Home Loan > 60% - 80% LVR | 5.44% p.a. | 5.69% p.a. |

Offset Home Loan > 80% - 95% LVR | 5.64% p.a. | 5.89% p.a. |

& Home Loan (Intro Rate) | 6.04% p.a. | 6.29% p.a. |

& Home Loan | 6.52% p.a. | 6.77% p.a. |

Variable Home Loan (Owner Occupied)^ | 5.44% p.a. | 5.69% p.a. |

Variable Home Loan (Investor)^ | 5.69% p.a. | 5.94% p.a. |

& Investor Home Loan (P&I) | 5.69% p.a. | 5.94% p.a. |

& Investor Home Loan (IO) | 5.99% p.a. | 6.24% p.a. |

& Investor Basic Loan < 70% LVR (P&I) | 5.49% p.a. | 5.74% p.a. |

& Investor Basic Loan < 70% LVR (IO) | 5.79% p.a. | 6.04% p.a. |

& Investor Basic Loan > 70% LVR (P&I) | 5.54% p.a. | 5.79% p.a. |

& Investor Basic Loan > 70% LVR (IO) | 5.84% p.a. | 6.09% p.a. |

Equity / Investor Access Home Loan | 8.37% p.a. | 8.62% p.a. |

Reverse Mortgage Home Loan | 8.25% p.a. | 8.50% p.a. |

Bridging Home Loan | 8.77% p.a. | 9.02% p.a. |

Simple Home Loan | 6.22% p.a. | 6.47% p.a. |

Smooth Home Loan < 80% LVR | 7.37% p.a. | 7.62% p.a. |

Smooth Home Loan > 80% LVR | 7.47% p.a. | 7.72% p.a. |

Easy Living Access Loan# | 8.25% p.a. | 8.50% p.a. |

Easypay Plus Home Loan > $750K < 80% LVR# | 6.77% p.a. | 7.02% p.a. |

Easypay Plus Home Loan > $500K < 80% LVR# | 6.87% p.a. | 7.12% p.a. |

Easypay Plus Home Loan < $500K < 80% LVR# | 6.97% p.a. | 7.22% p.a. |

Easypay Plus Home Loan > $500K > 80% LVR# | 7.02% p.a. | 7.27% p.a. |

Easypay Plus Home Loan < $500K > 80% LVR# | 7.12% p.a. | 7.37% p.a. |

Easypay Plus Equity Access > $500K# | 7.52% p.a. | 7.77% p.a. |

Easypay Plus Equity Access < $500K# | 7.62% p.a. | 7.87% p.a. |

Easypay Home Loan | 7.62% p.a. | 7.87% p.a. |

Business Loan# | 7.77% p.a. | 8.02% p.a. |

Dream Home Loan# | 7.21% p.a. | 7.46% p.a. |

Lifestyle Home Loan / Secured Loan# | 7.62% p.a. | 7.87% p.a. |

Advantage Home Loan / Advantage Plus# | 7.62% p.a. | 7.87% p.a. |

Variable Plus / Mortgage Breaker# | 7.62% p.a. | 7.87% p.a. |

Low Deposit Home Loan# | 8.90% p.a. | 9.15% p.a. |

100% Home Loan# | 9.20% p.a. | 9.45% p.a. |

Low Doc Home Loan# | 9.65% p.a. | 9.90% 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 17 May 2023**, the following changes to our credit card interest rates will apply:

& Visa Platinum Credit Card | Current rate | New rate |
---|---|---|

Purchase Interest Rate | 6.52% p.a. | 6.77% p.a. |

Balance Transfer Interest Rate | 6.52% p.a. | 6.77% 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 | 6.22% p.a. | 6.47% p.a. |

Balance Transfer Interest Rate | 6.22% p.a. | 6.47% p.a. |

Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |

Effective from **Wednesday 17 May 2023**, the following changes to our savings account interest rates will apply:

Way Cool Saver | Current rate | New rate |
---|---|---|

$0 - $4,999.99 | 2.25% p.a. | 2.50% p.a. |

$5,000+ (no change) | 0.00% p.a. | 0.00% p.a. |