We've made some changes to our rates on deposit and lending products following the Reserve Bank of Australia’s (RBA) December decision to increase the official cash rate by 25 basis points to 3.1%p.a.
Lending interest rates
The interest rates across our Housing and Investor loans, Business loans, and all line of credits has been increased by 0.25%p.a. in line with the RBA.
Deposit Product interest rates
Deposit customers are set to benefit, as rates on our deposit products are increasing. The rate for our Bonus Saver accounts has increased by 0.65% to 2.30%, and our Life Saver account rate has increased by 0.60% to 2.60%.
Savings Account interest rates
This is the fourth consecutive month we've increased rates on deposit products.
These latest rate changes will come into effect on Friday 16 December 2022.
Our Chief Executive Officer, Scott Morgan, said these changes continue to demonstrate a commitment to balancing the needs of all customers.
“There’s no doubt the changes to our savings products will be very well received by our depositing customers, many of whom rely on the interest as a primary source of income,” Mr Morgan said.
“The flip side of the latest changes though is the increasing interest rates for borrowing customers, which is never an easy decision, particularly given number of changes our customers have endured over the last eight months, as well as the time of year. While the movement in the official cash rate is one driver of this change, we also need to consider a number of other factors including funding costs, as well as our regulatory obligations."
Scott Morgan, Greater Bank CEO
“Despite these changes, Greater Bank remains very competitive across the lending market and continues to be a genuine alternative to the big banks.”
Mr Morgan also said that there are options available to any customers experiencing financial difficulty and who are struggling to meet their home loan commitments. They are encouraged to contact us on 13 13 86 so that we can work with you to create a solution.
