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 savings, term deposit and home loan products. These changes are effective 15 May 2023.
Our new savings and term deposit rates are as follows:
- Salute base variable rate will increase by 0.25% p.a. to 3.50% p.a., providing an all up rate of 5.00% p.a. for accounts opened within the last 12 months.
- Max eSaver with bonus interest will increase by 0.25% p.a to 4.00% p.a. to provide an all up rate of 4.35% p.a.
- iSaver 6-month introductory fixed interest rate for new accounts will increase by 0.25% p.a. to 3.10% p.a. providing an all up rate of 4.60% p.a.
- Pension Saver will also increase by 0.25% p.a.
- All of our junior accounts standard variable rates increase by 0.25% p.a. to 4.25% p.a.
- A range of term deposit rates have increased by up to 0.25% p.a., our current special is 8 months at 4.65% p.a.
- For all other current product rates, see our interest rate schedules.
Interest rates will increase by 0.25% p.a. for all owner-occupied and investor variable rate home loans. 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.