In response to the Reserve Bank of Australia’s (RBA) cash rate increase of 0.25% p.a. on Tuesday 3 May 2022, P&N Bank will be increasing home loan interest rates between 0.15% - 0.25% p.a. from 1 June 2022. Members with impacted home loans will be contacted directly in the coming weeks with information on how the rate change will affect them.
We will continue to keep our home loan rates as low as possible and have only passed on the lower increase of 0.15% p.a. to our most popular home loans.
We also acknowledge that the low-interest-rate environment has impacted our deposit account holders. We will be increasing rates on many of our savings accounts by 0.15% p.a. and have increased our term deposit rates with an average increase of 0.36% p.a.
As a customer-owned bank, we continue to remain among the most competitive in market for both lending and savings account rates, and we’re committed to supporting your banking with rates and features that best meet your needs.
Interest rate changes May/June 2022
Effective from Wednesday 1 June 2022, the following changes to our variable home loan interest rates will apply:
| Home loans | Current rate | New rate |
|---|---|---|
| Simple Home Loan | 2.82% p.a. | 2.97% p.a. |
| & Home Loan (Intro Rate) | 2.64% p.a. | 2.79% p.a. |
| & Home Loan | 3.12% p.a. | 3.27% p.a. |
| & Investor Home Loan (P&I) | 3.23% p.a. | 3.38% p.a. |
| & Investor Home Loan (IO) | 3.43% p.a. | 3.58% p.a. |
| & Basic Home Loan < 60% LVR | 2.09% p.a. | 2.34% p.a. |
| & Basic Home Loan > 60 - 90% LVR | 2.19% p.a. | 2.44% p.a. |
| & Investor Basic Loan < 70% LVR (P&I) | 2.29% p.a. | 2.54% p.a. |
| & Investor Basic Loan < 70% LVR (IO) | 2.59% p.a. | 2.84% p.a. |
| & Investor Basic Loan > 70% LVR (P&I) | 2.49% p.a. | 2.74% p.a. |
| & Investor Basic Loan > 70% LVR (IO) | 2.74% p.a. | 2.99% p.a. |
| Equity / Investor Access Home Loan | 4.87% p.a. | 5.12% p.a. |
| Reverse Mortgage Home Loan | 5.40% p.a. | 5.65% p.a. |
| Bridging Home Loan | 5.27% p.a. | 5.52% p.a. |
| Smooth Home Loan < 80% LVR | 3.87% p.a. | 4.12% p.a. |
| Smooth Home Loan > 80% LVR | 3.97% p.a. | 4.22% p.a. |
| Variable Home Loan (Owner Occupied)^ | 2.82% p.a. | 2.97% p.a. |
| Variable Home Loan (Investor)^ | 3.23% p.a. | 3.38% p.a. |
| Easy Living Access Loan# | 5.40% p.a. | 5.65% 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 Wednesday 1 June 2022, the following changes to our credit card interest rates will apply:
| & Visa Platinum Credit Card | Current rate | New rate |
|---|---|---|
| Purchase Interest Rate | 3.12% p.a. | 3.27% p.a. |
| Balance Transfer Interest Rate | 3.12% p.a. | 3.27% 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 | 2.82% p.a. | 2.97% p.a. |
| Balance Transfer Interest Rate | 2.82% p.a. | 2.97% p.a. |
| Cash Advance Interest Rate (no change) | 19.99% p.a. | 19.99% p.a. |
Effective from Friday 13 May 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+ | 0.45% p.a. | 0.60% p.a. |
| & Retirement Account | Current rate | New rate |
|---|---|---|
| $0+ | 0.25% p.a. | 0.35% p.a. |
| Business Saver Account | Current rate | New rate |
|---|---|---|
| $0 - $4,999.99 | 0.00% p.a. | 0.15% p.a. |
| $5,000+ | 0.10% p.a. | 0.25% p.a. |