Following the Reserve Bank's decision to lift the official cash rate, People First Bank is making changes to interest rates for savers and borrowers.
Standard variable loan rates will increase by 0.25% p.a. from Tuesday, 13 October 2026. This will apply to all People First Bank and Heritage Bank variable home and business banking loans.
The interest rate on Dream Fund accounts will increase by 0.40% p.a., from 5.15% p.a. to 5.55% p.a., effective from 1 October 2026 for balances up to $100,000.
“As a customer-owned bank we consider the needs of savers and borrowers when reviewing interest rates,” said Paul Farmer, Head of Products.
“While variable loan rates will increase in line with the RBA’s decision, we have been able to provide a larger increase for Dream Fund customers, with the rate rising by 0.40% p.a.”
Changes to other savings products will be finalised and communicated as soon as possible.
Media Enquiries
For all media enquiries please contact:
Andrew Fox | People First Bank
0419 714 204 | fox.a@heritage.com.au
