page top

Unity Bank Interest Rate Changes – 18 July 2019

Attention: open in a new window. Print

Changes to Interest Rates

With the Reserve Bank of Australia making further reduction of the cash rate by 0.25%, Unity Bank has undertaken a comprehensive review of rates on our variable rate loans and savings/deposit products.

With this being the second consecutive monthly reduction and home loan rates already at historic lows, our priority is to implement equitable rate changes that strike a fair balance between the competing needs of our borrowing and depositing Members.

We have looked at various options with a view to passing on as much of a reduction to our home loan products, whilst limiting reductions on savings and term deposit accounts so as to minimise the impact on savers, many of who are retired.

In order to accommodate these competing needs, we have announced the following changes to our products:

Home Loans

  • All new and existing variable owner occupied and investment home loans will be reduced by 0.15% p.a effective from 1 August 2019.  Details of your reduced rates will be advised on your next statement.
  • Our 1, 2, 3 and 5 year fixed rate home loans for both owner occupied and investment home loans have been reduced by upwards of 0.76% bringing them to historical lows.  These reduced rates are now available to those Members seeking the certainty of fixed repayments for a period of time. Our new fixed rate home loans can be found here.

Visa Credit Card

  • The ongoing rate on all new and existing Visa credit cards will be reduced by 0.13% from 1 August 2019 bringing the rate to 9.99%.  When combined with the 6 month introductory rate of 7.99%, our Visa Credit Card is one of the most competitive in Australia.

Savings and Term Deposit

  • Although it has been necessary to review the rates on a number of savings products, we have restricted reductions to our Bonus Saver account so that Members can continue to earn up to 2.00% (inclusive of Bonus interest). Full details of other changes can be found here.
  • Some reductions have been necessary to our Term Deposits, but we have decided to keep our popular 3 month rate unchanged at 2.10% and have restricted changes to the 6 and 12 month terms to only -0.10% and -0.15%.  Our new term deposit rates are available from 18 July 2019 and details can be found here.

If you require any further information about the impact of the above rate changes, please give us a call on 1300 36 2000.