Friday, 10 March 2023
Newcastle Permanent changes variable home loan rates and deposit rates
Newcastle Permanent has announced it has increased interest rates for variable loans and selected savings accounts.
Chief Customer & Digital Innovation Officer, James Cudmore, said the customer-owned institution’s deposit rates continued to offer a great rate of return.
“Newcastle Permanent have increased a number of our deposit products last week, including offers on our Smart Saver Accounts, which we have increased by 0.30% to 3.90% p.a.*,” said James.
“These offers complement our Online Savings Account Introductory Bonus Rate, which remains highly competitive at 4.50% p.a.*.”
The RBA’s increase to the cash rate on Tuesday by 0.25%, from 3.35% to 3.60%, 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 March 2023.
“Customers who may have concerns regarding future repayments can contact our Customer Assist team at any time to discuss your specific circumstances and talk through all your options,” James said.
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 our interest rates page for all current interest rates and Introductory Bonus Rate terms and conditions.
Tuesday, 7 March 2023
Following the RBA's announcement today to increase the official cash rate by 0.25% from 3.35% to 3.60% pa, we have placed our deposit and lending rates under review.
We will include information here if we decide to implement any changes.
Newcastle Permanent is proudly customer-owned. Customers can be certain that we will continue to offer great value and award-winning products and services, while balancing the needs of all our customers, be they depositors or loan holders, when making a decision on interest rate moves.