13 October 2022
Heritage Bank has announced it will increase interest rates on its variable home loans by 0.25%, 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 18 October, 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 positive news for depositors with most term deposit rates increasing, while interest rates on savings accounts Pension Plus, Online Saver and Christmas Club will rise by 0.25% as well.