June 2023 interest rate changes

Following the Reserve Bank of Australia’s increase to the cash rate by 0.25% per annum on Tuesday, 6 June 2023, P&N Bank is making changes to interest rates across several deposit and lending products.

Effective from 21 June 2023, our variable rate home loans will increase between 0.25% and 0.30% per annum. Some term deposit products will be increasing by up to 0.50% p.a. and some savings products by up to 0.25% p.a. Members will receive communications directly in the coming weeks in relation to these changes.

We understand that any increase in home loan interest rates is difficult for borrowers. As a customer-owned bank, our customers are our priority, so we strive to achieve the right balance between the needs of borrowers and depositors, to ultimately support all members. As always, we remain committed to ensuring your home loan rate continues to be highly competitive and encourage our members to reach out to us to discuss their options.

We’re here to help. If you’d like more information on how this change might affect your home loan, or if you are experiencing financial difficulties, and would like to discuss options that are available to you, please contact us.