15 September 2022
Heritage Bank has announced it will increase interest rates on its variable home loans by 0.50%, following the Reserve Bank of Australia’s (RBA) latest decision to increase the Official Cash Rate by the same amount.
The change will apply to all variable rate home loans, effective from Tuesday 20 September, 2022.
With the increase to the cash rate adding to the growing pressure on Heritage’s funding costs, it has become necessary to pass on the rate rise.
There is some positive news for borrowers though, with Heritage also increasing the discounts for new loans on its Discount Variable and Home Advantage variable products.
There is also positive news for depositors as interest rates on products like Pension Plus, Online Saver, Christmas Club and Secure Super will also increase by 0.50%.
Learn more on our interest rate announcements page.