Friday, 9 June 2023
Newcastle Permanent changes variable home loan rates and deposit rates
Newcastle Permanent today announced it will increase interest rates for variable loans following the RBA’s decision on Tuesday to increase the cash rate by 0.25%, from 3.85% to 4.10% p.a.
Chief Customer & Digital Innovation Officer, James Cudmore, said the customer-owned institution’s deposit rates continued to be highly competitive and offer a great rate of return.
“We are increasing our Online Savings Introductory Bonus Rate Offer to 5.00% p.a.*, which is one of the best rates in market, and a fantastic result for customers looking to give their savings a boost.
“Along with our Online Savings Offer, we will be increasing deposit rates on a number of products all effective Tuesday 13 June,” Mr Cudmore said.
“As a customer-owned institution, competitive rates and real value for our members is a top priority.”
The RBA’s increase will also result in variable home loan and business loan rates increasing by 0.25% p.a. with the new rates taking effect on Friday 16 June 2023.
“Our Customer Assist team is available to discuss specific circumstances with any customers who may have concerns regarding future repayments,” said Mr Cudmore.
Newcastle Permanent will directly contact variable home loan customers whose accounts have been affected by today’s announcement through email or letter.
Newcastle Permanent has a range of home loan options available for customers including splitting loans between fixed and variable rates as well as range of competitive fixed-rate options. Customers are encouraged to discuss their banking needs, including customers who are experiencing financial difficulty, with their local branch manager or contact the Customer Contact Centre on 13 19 87 to ensure they have the right home loan, savings or deposit account for their individual needs.
*Rates are subject to change without prior notice. Refer to our interest rates page for all current interest rates and Introductory Bonus Rate terms and conditions.