Category: Latest News

The team at Border Bank is currently reviewing the RBA’s decision on Tuesday July 5, 2022 to increase the cash rate by 50 basis points.

As with any rate decision, we will carefully consider the potential impact of changes on our members.

We will communicate any changes we make in the coming days.

Border Bank is here to help, and we are always available to help any member who experiences financial hardship or difficulty. We encourage any member who may need help to get in touch with our team on 132 267 so we can tailor a financial solution for them.

Following the Reserve Bank of Australia’s (RBA) June 2022 decision to raise the cash rate by 0.50%, we have been reviewing the balance between passing on the interest rate rise to our borrowers, while also considering our deposit holders.

Border Bank has made the decision to raise the variable interest rate for home loan borrowers by 0.50%, effective 27 June, 2022 for new borrowers and effective 1 July 2022 for existing borrowers.

We have already increased our Term Deposit rates with our 9-month Term Deposit rate increasing by 0.55% to a very competitive 1% and our 12-month Term Deposit rate increasing by 0.95% to 2%.

We are also increasing the interest rates for some of our Personal Loan products from between 0.70% to 1%, effective 27 June 2022.

We are here to help, and we encourage any member who may need help to get in touch with our team on 132 267 so we can tailor a financial solution for them.