Following the Reserve Bank’s recent decision to increase the cash rate by a further 0.50%, People’s Choice will be lifting interest rates on both term investments and home loans.
The standard variable rate for both existing and new residential loans will lift 0.50% p.a. to 5.76% p.a., effective from 19 July 2022.
People’s Choice is also increasing interest paid on term investments, with increases of up to 0.50% p.a., from 15 July 2022.
“We’re increasing the interest we pay on term investments from three months right through to five years,” said Maria-Ann Camilleri, Chief Member Officer.
The return on a 12-month term deposit will increase to 2.75% p.a., a lift of 0.40% p.a.
Deposits for nine, 10 and 11 months will all increase by 0.50% p.a. to 1.60% p.a., while four- and five-year investments will return 3.00% p.a.
Additional interest rate rises for savings accounts are now being considered. These would build upon those increases which came into effect on 1 July 2022. A decision is expected shortly.
“As market rates change we will always strive to do the very best for our members,” Ms Camilleri said.
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