Following the Reserve Bank’s decision to lift the cash rate by 0.25%, People’s Choice will be increasing interest rates – on both home loans and deposits.
People’s Choice variable rate home loans will increase by 0.25%, with the standard variable rate moving to 4.76% from 20 May.
Under the changes announced today, interest rates for new term investments will also be lifted by up to 0.50% from 20 May, depending on the term.
For example, interest on a seven-month term investment will rise to 0.80%, an increase of 0.50%.
“When we assess our interest rates we always strive for balance and fairness for all our members,” said Maria-Ann Camilleri, Chief Member Officer. “This is why we are now also evaluating the interest we pay on our savings accounts and we will communicate with our members shortly.”
“We will be informing members of how the changes affect them and providing all the necessary details and support where needed,” Ms Camilleri said.
“For more information and support, please visit the home loan FAQs on our website”.