Following the Reserve Bank of Australia’s (RBA) emergency cash rate announcement in response to the economic impact of COVID-19, we are making some changes to our interest rates effective 1 April 2020.
We want to look after as many of our members as possible during this uncertain and challenging time, so these decisions have been made to maximise positive outcomes for depositors and borrowers.
Earlier this month we announced that all members with variable rate home loans would receive the full rate cut of 0.25% following the RBA decision at the beginning of March.
In response to the RBA emergency meeting held last week, we’ve made the decision to further reduce rates on our Ultra-Low Lockit 3Y Home Loan, Standard Variable Home Loan and myHome Package by 0.25%.
- All variable home loan rates reduced by 0.25% following the first rate cut in early March
- Ultra-Low Lockit 3Y Home Loan, myHome Package and Standard Variable Home Loan reduced by 0.25% following the emergency rate cut last week
- Members with the myHome Package or Standard Variable Home Loan will receive a total rate reduction of 0.50%
For the majority of members this will also mean a reduction to their minimum monthly or fortnightly repayment amount – providing some welcome relief to their budget at time when they need it most.
Following the rate cut at the beginning of March, we made the difficult decision to reduce rates on our savings accounts by 0.25% effective 1 April 2020. While this adjustment was necessary, the good news is we will not be passing on any further reductions to our savers as a result of the most recent cash rate reduction.
We have continued to provide value with our term deposits and have been able to hold our rates steady through both RBA rate reductions this month.
In light of the continuing low interest rate environment we wanted to give members the option to secure higher returns on their deposits. So effective 1 April, our 12-month term deposit* will be increased by 0.25% to provide members with a guaranteed return of 1.75%p.a. to support you over the long term.
We’re here to help
Our team is ready to help you during these challenging times. If you are experiencing financial hardship from the impact of COVID-19, we have a support package available which includes the opportunity to defer repayments on home loans for up to six months (with a check in at 3 months), and on all other loans for up to 3 months.
To apply for support, please visit movebank.com.au/relief
Please take care of yourselves, your family and communities during this time.
* Interest is paid at maturity