Following the Reserve Bank’s recent decision to increase the cash rate by a further 0.50%, People’s Choice will be lifting interest rates on both term investments and home loans.
The standard variable rate for both existing and new residential loans will lift 0.50% p.a. to 5.76% p.a., effective from 19 July 2022.
People’s Choice is also increasing interest paid on term investments, with increases of up to 0.50% p.a., from 15 July 2022.
“We’re increasing the interest we pay on term investments from three months right through to five years,” said Maria-Ann Camilleri, Chief Member Officer.
The return on a 12-month term deposit will increase to 2.75% p.a., a lift of 0.40% p.a.
Deposits for nine, 10 and 11 months will all increase by 0.50% p.a. to 1.60% p.a., while four- and five-year investments will return 3.00% p.a.
Additional interest rate rises for savings accounts are now being considered. These would build upon those increases which came into effect on 1 July 2022. A decision is expected shortly.
“As market rates change we will always strive to do the very best for our members,” Ms Camilleri said.
For additional information and support, please visit the home loan FAQs page on our website.
