Effective 28 July 2022
Effective 28 July 2022 we increased our Residential variable and revolving credit interest rates as follows:
- A 0.75% increase to the special variable rate and the standard variable rate
- A 0.75% increase to the revolving credit rate
Because our rates have increased the applicable interest rate for customers:
- with existing lending in place as at 28 July 2022 and
- whose current interest rate* is made up of one of the rates that is increasing
will increase by the same amount as the increase in the relevant rate (this includes where a margin or discount is applied to your loan).
The increases for these customers will be effective from 18 August 2022. The table below shows the change in variable and revolving credit interest rates for customers with existing lending in place as at 28 July 2022.
| Term | Until 17 August 2022 | From 18 August 2022 | |||
|---|---|---|---|---|---|
| Term | Special variable rate | Until 17 August 2022 | 5.50% | From 18 August 2022 | 6.25% |
| Term | Standard variable rate | Until 17 August 2022 | 6.30% | From 18 August 2022 | 7.05% |
| Term | Revolving credit rate | Until 17 August 2022 | 5.60% | From 18 August 2022 | 6.35% |