RACQ Bank has announced a range of interest rate changes for members with home loans and deposits following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.25%.
RACQ Group Bank Executive Michelle Winzer said the Bank had made the decision to increase the home loan variable interest rate by 0.25% from 17 May 2022 for new and existing members, however there would be no change to the Green Home Loan rate of 0.79%.
“Two thirds of our home loan members are ahead on their repayments putting them in a better position to manage an interest rate rise,” Ms Winzer said.
“However, we are here to support our members as some may not have experienced an interest rate increase since they took out their loans.
“We encourage members who believe they may experience financial hardship as a result of the interest rate rises to give us a call and we can talk through their options.”
Ms Winzer said interest rates were also increasing on savings products by up to 0.20%.
“We know historic low interest rates have been difficult for our members with savings and deposits and with many Queenslanders actually building up their savings through the pandemic, this interest rate rise will see them get a better return.”
More information on RACQ Bank’s loan and savings products can be found here.
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.