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 online or visit us in-branch.

## Interest rate changes September 2022

Effective from **Wednesday 28 September 2022**, 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 | 3.24% p.a. | 3.99% p.a. |

& Basic Home Loan > 60% - 80% LVR | 3.34% p.a. | 4.09% p.a. |

& Basic Home Loan > 80% - 90% LVR | 3.44% p.a. | 4.19% p.a. |

Offset Home Loan up to 60% LVR | 3.79% p.a. | 4.29% p.a. |

Offset Home Loan > 60% - 80% LVR | 3.99% p.a. | 4.49% p.a. |

Offset Home Loan > 80% - 95% LVR | 4.19% p.a. | 4.69% p.a. |

Simple Home Loan | 4.47% p.a. | 4.97% p.a. |

& Home Loan (Intro Rate) | 4.29% p.a. | 4.79% p.a. |

& Home Loan | 4.77% p.a. | 5.27% p.a. |

Variable Home Loan (Owner Occupied)^ | 3.99% p.a. | 4.49% p.a. |

Variable Home Loan (Investor)^ | 4.63% p.a. | 4.83% p.a. |

& Investor Home Loan (P&I) | 4.63% p.a. | 4.83% p.a. |

& Investor Home Loan (IO) | 4.83% p.a. | 5.03% p.a. |

& Investor Basic Loan < 70% LVR (P&I) | 4.04% p.a. | 4.34% p.a. |

& Investor Basic Loan < 70% LVR (IO) | 4.34% p.a. | 4.64% p.a. |

& Investor Basic Loan > 70% LVR (P&I) | 4.24% p.a. | 4.54% p.a. |

& Investor Basic Loan > 70% LVR (IO) | 4.49% p.a. | 4.79% p.a. |

Equity / Investor Access Home Loan | 6.62% p.a. | 7.12% p.a. |

Reverse Mortgage Home Loan | 6.60% p.a. | 7.00% p.a. |

Bridging Home Loan | 7.02% p.a. | 7.52% p.a. |

Smooth Home Loan < 80% LVR | 5.62% p.a. | 6.12% p.a. |

Smooth Home Loan > 80% LVR | 5.72% p.a. | 6.22% p.a. |

Easy Living Access Loan# | 6.60% p.a. | 7.00% p.a. |

Easypay Plus Home Loan > $750K < 80% LVR# | 5.02% p.a. | 5.52% p.a. |

Easypay Plus Home Loan > $500K < 80% LVR# | 5.12% p.a. | 5.62% p.a. |

Easypay Plus Home Loan < $500K < 80% LVR# | 5.22% p.a. | 5.72% p.a. |

Easypay Plus Home Loan > $500K > 80% LVR# | 5.27% p.a. | 5.77% p.a. |

Easypay Plus Home Loan < $500K > 80% LVR# | 5.37% p.a. | 5.87% p.a. |

Easypay Plus Equity Access > $500K# | 5.77% p.a. | 6.27% p.a. |

Easypay Plus Equity Access < $500K# | 5.87% p.a. | 6.37% p.a. |

Easypay Home Loan | 5.87% p.a. | 6.37% p.a. |

Business Loan# | 6.02% p.a. | 6.52% p.a. |

Dream Home Loan# | 5.46% p.a. | 5.96% p.a. |

Lifestyle Home Loan / Secured Loan# | 5.87% p.a. | 6.37% p.a. |

Advantage Home Loan / Advantage Plus# | 5.87% p.a. | 6.37% p.a. |

Variable Plus / Mortgage Breaker# | 5.87% p.a. | 6.37% p.a. |

Low Deposit Home Loan# | 7.15% p.a. | 7.65% p.a. |

100% Home Loan# | 7.45% p.a. | 7.95% p.a. |

Low Doc Home Loan# | 7.90% p.a. | 8.40% 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 28 September 2022**, the following changes to our credit card interest rates will apply:

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

Purchase Interest Rate | 4.77% p.a. | 5.27% p.a. |

Balance Transfer Interest Rate | 4.77% p.a. | 5.27% 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 | 4.47% p.a. | 4.97% p.a. |

Balance Transfer Interest Rate | 4.47% p.a. | 4.97% p.a. |

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

Effective from **Tuesday 20 September 2022**, the following changes to our savings account interest rates will apply:

Hi Saver | Current rate | New rate |
---|---|---|

Standard Rate $0 - $4,999.99 (no change) | >0.00% p.a. | 0.00% p.a. |

Standard Rate $5,000+ | 0.30% p.a. | 0.80% p.a. |

Bonus Rate $5,000+ (no change) | 2.20% p.a. | 2.20% p.a. |

Cash Saver | Current rate | New rate |
---|---|---|

Standard Rate $0 - $4,999.99 (no change) | 0.00% p.a. | 0.00% p.a. |

Standard Rate $5,000+ | 0.30% p.a. | 0.80% p.a. |

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

Standard Rate $0 - $4,999.99 | 1.30% p.a. | 1.80% p.a. |

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

Business iSaver | Current rate | New rate |
---|---|---|

Standard Rate $0 - $4,999.99 (no change) | 0.15% p.a. | 0.30% p.a. |

Standard Rate $5,000+ | 0.50% p.a. | 0.85% p.a. |

Effective from **Tuesday 20 September 2022**, the following changes to our transaction account interest rates will apply:

& Retirement Account | Current rate | New rate |
---|---|---|

Standard Rate > $0 | 1.00% p.a. | 1.50% p.a. |