February 2023 RBA announcement

Friday, 10 February 2023

Changes to variable home loan rates and deposit rates

Following the RBA’s decision on Tuesday to increase the cash rate by 0.25%, from 3.10% to 3.35% p.a., Newcastle Permanent today announced it will increase interest rates for variable loans and has already increased rates on a range of deposit products.

Newcastle Permanent Chief Customer & Product Officer, James Cudmore, said the customer-owned institution had increased deposit rates on a number of products ahead of the RBA’s decision to ensure customers were getting great value.

“Our Online Savings Account Introductory Bonus Rate has increased by 0.5%, from 4.00% to 4.50% p.a.*, which is one of the leading rates in the market and a great result for customers seeking to kick start their savings goals,” said James. 

“This followed on from our decision in late January to increase our 12-month term deposit offer to 4.10% p.a. for customers taking out a new term deposit.”

The RBA’s increase will also result in variable home loan and business loan rates increasing by 0.25% p.a. with the new rates taking effect on Friday 17 February 2023. 

“The RBA announcing nine successive rate increases has been a challenge for loan customers, something few of us have experienced before,” said James.

“For any customers with concerns regarding their repayments, our Customer Assist team is available at any time to discuss your specific circumstances and talk through all your options.”

Newcastle Permanent will directly contact variable home loan customers whose accounts have been affected by today’s announcement through email or letter. 

Newcastle Permanent has a range of home loan options available for customers including splitting loans between fixed and variable rates as well as range of competitive fixed rate options. Customers are encouraged to discuss their banking needs, including customers who are experiencing financial difficulty, with their local branch manager or contact the Customer Contact Centre on 13 19 87 to ensure they have the right home loan, savings or deposit account for their individual needs.

*Rates are subject to change without prior notice. Refer to newcastlepermanent.com.au/rates for all current interest rates.