On Tuesday 7 June, the Reserve Bank of Australia (RBA) increased the cash rate by 0.50% p.a. In response to this decision, P&N Bank will be making changes to interest rates across several deposit and lending products.
As a customer-owned bank, we strive to remain competitive for our members. In setting interest rates, we carefully balance the needs of both our borrowers and depositors, with the aim to keep our rates competitive for as many members as possible.
Term deposit products will benefit from increases of up to 1.00% p.a. from 17 June and savings products up to 0.30% p.a. from 28 June 22.
Our variable-rate home loans and our secured personal loan products will increase by 0.50%, effective from 28 June. All members will be contacted directly in the coming weeks in relation to any changes to their accounts.
P&N Bank is committed to supporting your personal banking with competitive rates and features that best meet your needs. If you’d like to get in touch, please contact us on 13 25 77, chat with us online or visit us in-branch.
Interest rate changes June/July 2022
Effective from Tuesday 28 June 2022, the following changes to our variable home loan interest rates will apply:
| Variable rate home loans | Current rate | New rate |
|---|---|---|
| Simple Home Loan | 2.97% p.a. | 3.47% p.a. |
| & Home Loan (Intro Rate) | 2.79% p.a. | 3.29% p.a. |
| & Home Loan | 3.27% p.a. | 3.77% p.a. |
| & Investor Home Loan (P&I) | 3.38% p.a. | 3.88% p.a. |
| & Investor Home Loan (IO) | 3.58% p.a. | 4.08% p.a. |
| & Investor Basic Loan < 70% LVR (P&I) | 2.54% p.a. | 3.04% p.a. |
| & Investor Basic Loan < 70% LVR (IO) | 2.84% p.a. | 3.34% p.a. |
| & Investor Basic Loan > 70% LVR (P&I) | 2.74% p.a. | 3.24% p.a. |
| & Investor Basic Loan > 70% LVR (IO) | 2.99% p.a. | 3.49% p.a. |
| Equity / Investor Access Home Loan | 5.12% p.a. | 5.62% p.a. |
| Reverse Mortgage Home Loan | 5.65% p.a. | 6.15% p.a. |
| Bridging Home Loan | 5.52% p.a. | 6.02% p.a. |
| Smooth Home Loan < 80% LVR | 4.12% p.a. | 4.62% p.a. |
| Smooth Home Loan > 80% LVR | 4.22% p.a. | 4.72% p.a. |
| Easypay Home Loan | 4.37% p.a. | 4.87% p.a. |
| Variable Home Loan (Owner Occupied)^ | 2.97% p.a. | 3.47% p.a. |
| Variable Home Loan (Investor)^ | 3.38% p.a. | 3.88% p.a. |
| Easy Living Access Loan# | 5.65% p.a. | 6.15% p.a. |
| Easypay Plus Home Loan > $750K < 80% LVR# | 3.52% p.a. | 4.02% p.a. |
| Easypay Plus Home Loan > $500K < 80% LVR# | 3.62% p.a. | 4.12% p.a. |
| Easypay Plus Home Loan < $500K < 80% LVR# | 3.72% p.a. | 4.22% p.a. |
| Easypay Plus Home Loan > $500K > 80% LVR# | 3.77% p.a. | 4.27% p.a. |
| Easypay Plus Home Loan < $500K > 80% LVR# | 3.87% p.a. | 4.37% p.a. |
| Easypay Plus Equity Access > $500K# | 4.27% p.a. | 4.77% p.a. |
| Easypay Plus Equity Access < $500K# | 4.37% p.a. | 4.87% p.a. |
| Business Loan# | 4.52% p.a. | 5.02% p.a. |
| Dream Home Loan# | 3.96% p.a. | 4.46% p.a. |
| Lifestyle Home Loan / Secured Loan# | 4.37% p.a. | 4.87% p.a. |
| Advantage Home Loan / Advantage Plus# | 4.37% p.a. | 4.87% p.a. |
| Variable Plus Loan / Mortgage Breaker# | 4.37% p.a. | 4.87% p.a. |
| Low Deposit Home Loan# | 5.65% p.a. | 6.15% p.a. |
| 100% Home Loan# | 5.95% p.a. | 6.45% p.a. |
| Low Doc Home Loan# | 6.40% p.a. | 6.90% p.a. |
#No longer available for sale.
^Not available for sale. Fixed Rate Home Loans will automatically roll over to this product at the end of the fixed period.
Effective from Tuesday 28 June 2022, the following changes to our personal loan interest rates will apply:
| Personal loans | Current rate | New rate |
|---|---|---|
| Fixed Secured Personal Loan | 5.99% p.a. | 6.49% p.a. |
| Variable Secured Personal Loan# | 6.81% p.a. | 7.31% p.a. |
#No longer available for sale.
Effective from Tuesday 28 June 2022, the following changes to our credit card interest rates will apply:
| & Visa Platinum Credit Card | Current rate | New rate |
|---|---|---|
| Purchase Interest Rate | 3.27% p.a. | 3.77% p.a. |
| Balance Transfer Interest Rate | 3.27% p.a. | 3.77% p.a. |
| Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |
| Simple Visa Credit Card (discontinued) | Current rate | New rate |
|---|---|---|
| Purchase Interest Rate | 2.97% p.a. | 3.47% p.a. |
| Balance Transfer Interest Rate | 2.97% p.a. | 3.47% p.a. |
| Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |
Effective from Tuesday 28 June 2022, the following changes to our savings account interest rates will apply:
| Hi Saver Account | Current rate | New rate |
|---|---|---|
| Standard Rate $0 - $4,999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| Standard Rate $5,000+ (no change) | 0.05% p.a. | 0.05% p.a. |
| Bonus Rate $5,000+ | 0.60% p.a. | 0.70% p.a. |
| Business Saver Account | Current rate | New rate |
|---|---|---|
| $0 - $4,999.99 (no change) | 0.15% p.a. | 0.15% p.a. |
| $5,000+ | 0.25% p.a. | 0.40% p.a. |
Effective from Friday 1 July 2022, the following changes to our savings account interest rates will apply:
| SwiftSaver Account | Current rate | New rate |
|---|---|---|
| Standard Rate $0 - $4,999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| Bonus Rate $0 - $100,000 | 0.35% p.a. | 0.65% p.a. |
| Bonus Rate $100,000+ (no change) | 0.00% p.a. | 0.00% p.a. |
Effective from Tuesday 28 June 2022, the following changes to our transaction account interest rates will apply:
| & Retirement Account | Current rate | New rate |
|---|---|---|
| Standard Rate > $0 | 0.35% p.a. | 0.60% p.a. |