Rates Announcement – May 11

The Reserve Bank of Australia (RBA) raised the official cash rate by 0.25% on May 3 – the first increase in more than a decade. Since then, Bank of Heritage Isle has been reviewing how we can pass the smallest interest rate rise onto borrowers while continuing to offer our always-competitive rates to our deposit holders.

In the wake of the RBA’s 0.25% rate hike, we continue to seek this balance.

Bank of Heritage Isle has made the decision to not pass on the full rate increase to members, and those who are already paying a higher interest rate on their mortgage than our introductory rates will see no increase.

Bank of Heritage Isle is only passing on 0.2% to home loan borrowers unless you are an owner-occupier with a rate above 3% in which case you will see no increase in your home loan rate. Our investor home loans will see a 0.2% increase across the board.

Bank of Heritage Isle has always been competitive on deposit accounts, and we have always aimed to deliver one of the best bonus savings rates.

We are committed to continuing this practice as well as enabling our retired members to achieve the quality of life they deserve. As such, the Bank of Heritage Isle Retirement Plus Pensioner Account will see an increase in its rate of 0.2%; this will place it at 0.7% – one of the best in market.

Bank of Heritage Isle is and will continue to be among the most competitive banks. We believe our rates decision reflects our commitment to our members and their ability to meet their financial goals.

Bank of Heritage Isle is here to help, and we are always available to help any member who experiences financial hardship or difficulty. We encourage any member who may need help to get in touch with our team on 134 374 so we can tailor a financial solution for them.