In response to the Reserve Bank of Australia’s recent decision to raise the official cash rate, Defence Bank will increase interest rates on a number of our saving, term deposit and home loan products.
These changes include increases of up to 0.50% p.a. across selected savings and term deposit products. It also includes an 11-month term deposit offer of 2.80% p.a. These changes to deposit products are effective 13 July 2022. Defence Bank regularly updates its saving and term deposit rates.
Interest rates will increase by 0.50% p.a. for all variable rate home loans, effective from 19 July 2022. Affected home loan members will receive more information on the changes to their rate and repayments in the coming weeks.
For members experiencing difficulty or for those concerned about the impact of rising interest rates and repayments, we encourage you to contact us about your situation. For any help and further queries, members can contact us on 1800 033 139 or visit their nearest branch.