16 June 2022
Following the Reserve Bank’s decision to increase the cash rate by 0.50%, People’s Choice will be increasing interest rates on its term investments and home loans.
The standard variable rate for both existing and new residential loans will lift 0.50% p.a. to 5.26% p.a., effective from 21 June 2022.
In good news for savers, People’s Choice is lifting interest paid on term investments with increases of up to 1.35% p.a.
Today’s decision will see rates increase on all term investments from one month to five years (excluding eight months), effective from 17 June 2022.
Our one-year rate will lift by 1.35%p.a. to 2.35%p.a., with the two and three-year rates both increasing by 1.30% p.a. to 2.50% p.a. and 2.70% p.a. respectively.
“I’m pleased we have been able to pass on increases for our term deposits,” said Maria-Ann Camilleri, Chief Member Officer. “We’ve increased the rate of return for many investment terms, making them much more attractive.”
For additional information and support, please visit the home loan FAQs page on our website.
Media Enquiries
For all media enquiries please contact:
Andrew Fox | People First Bank
0419 714 204 | fox.a@heritage.com.au
