We've kept our rate rises lower than the RBA - again

For the fourth time in consecutive months, BankVic is not passing on the full Reserve Bank interest rate rise to our home loan borrowers - with good news for term deposits.

On Tuesday 2 August the Reserve Bank of Australia (RBA) made the decision to increase the official cash rate further, from 1.35% to 1.85% - an increase of 0.5%. Unlike many banks, BankVic is again choosing not to pass the full increase on to our home loan members, increasing rates by 0.45%, not the full 0.50%.   

Our new variable home loan rates will be effective from the 16th August 2022. We will be communicating to all our home loan members again soon to let them know what their new loan details and repayments will be.

BankVic also announced changes to benefit savers, with interest rates on our deposit products also set to rise. Our 12 month term deposit product will increase by 0.90% to 2.50% from the 16 August – well above the RBA’s 0.50%.

For more information on the rates for all loan and deposit products, head to BankVic

As a member-owned bank, BankVic doesn’t distribute profits to shareholders. Profits generated are re-invested back into the business to benefit our members and their communities.