Interest rate update - May 2022

Recently the RBA announced an increase to the cash rate.

Interest rate update - May 2022

As this is the first cash rate rise in over 11 years in Australia, we understand many of our customers may not have experienced this before. As a customer-owned bank, we carefully consider the needs of all our customers to ensure we make a balanced decision for both our loan and deposit customers.

The tables below show some of the rate changes that we will be making to our home loan and savings products.

 

Home loans

From 17 May 2022, Beyond Bank’s advertised Standard Variable Interest Rates will be as follows:

 

Current Advertised Rate (% p.a.)

Change (% p.a.) New Advertised Rate as at 17 May 2022 (% p.a.)
Owner Occupier Principal and Interest

4.45

+0.25

4.70

Investment Principal and Interest

4.74

+0.25

4.99

Investment Interest Only

5.04

+0.25

5.29

From 17 May 2022 Beyond Bank’s advertised Standard Total Home Loan Package Variable Interest Rates will be as follows:

 

Current Advertised Rate (% p.a.)

Change (% p.a.)

New Advertised Rate as at 17 May 2022 (% p.a.)

Owner Occupier Principal and Interest

3.65

+0.25

3.90

Investment Principal and Interest

3.94

+0.25

4.19

Investment Interest Only

4.24

+0.25

4.49

 

Savings

From 17 May 2022 Beyond Bank’s advertised Term Deposit Interest Rates will be as follows:

Term Deposit - Standard Rates
Term Interest Paid Tier Current (% p.a.) New (% p.a.) Change (% p.a.)
3 Months Maturity $2,000-$49,999 0.25 0.45 0.20
$50,000-$199,999 0.30 0.50 0.20
$200,000 plus 0.30 0.50 0.20
6 Months Maturity $2,000-$49,999 0.35 0.55 0.20
$50,000-$199,999 0.40 0.60 0.20
$200,000 plus 0.40 0.60 0.20
9 Months Maturity $2,000-$49,999 0.60 0.85 0.25
$50,000-$199,999 0.65 0.90 0.25
$200,000 plus 0.65 0.90 0.25
12 Months Maturity $2,000-$49,999 0.55 0.75 0.20
$50,000-$199,999 0.60 0.80 0.20
$200,000 plus 0.60 0.80 0.20
12 Months Monthly $2,000-$49,999 0.45 0.65 0.20
$50,000-$199,999 0.50 0.70 0.20
$200,000 plus 0.50 0.70 0.20
24 Months Annually $2,000-$49,999 0.70 0.90 0.20
$50,000-$199,999 0.75 0.95 0.20
$200,000 plus 0.80 1.00 0.20
24 Months Monthly $2,000-$49,999 0.60 0.80 0.20
$50,000-$199,999 0.65 0.85 0.20
$200,000 plus 0.70 0.90 0.20
36 Months Annually $2,000-$49,999 0.70 0.90 0.20
$50,000-$199,999 0.75 0.95 0.20
$200,000 plus 0.80 1.00 0.20
36 Months Monthly $2,000-$49,999 0.60 0.80 0.20
$50,000-$199,999 0.65 0.85 0.20
$200,000 plus 0.70 0.90 0.20
48-60 Months Annually $2,000-$49,999 0.70 0.90 0.20
$50,000-$199,999 0.75 0.95 0.20
$200,000 plus 0.80 1.00 0.20

We are currently reviewing our Savings accounts and will advise of any changes soon.

We’re here to help

Beyond Bank has more than 275,000 customer-owners. 21,000 have loan accounts and 16,000 hold term deposits. Because our customers own the bank, all monies generated by the organisation are reinvested into the business to provide products and services and maintain the bank’s strong capital position.

We are very mindful of cost-of-living pressures and their impact on people today, and that interest rates can have a significant influence on this. We will always take an approach based on working with our owner-customers in a caring and supportive way.

If you need assistance with your loans, please call 13 25 85, option 2 to speak to our specialist team.

For general tips and resources for your financial wellbeing, please visit beyondbank.com.au/financial-wellbeing.html

 

Also in Corporate announcements

We’re proud to be named the best bank in Australia by Forbes in their 2022 World’s Best Banks survey.

  • Featured
  • Corporate announcements
Our style of customer-owned banking means that instead of paying shareholders, our members reinvest profits back into benefits for customers through lower fees, better interest rates and time-saving innovation. Our customers remain our number one priority in everything we do.
Read article

South West Credit and Beyond Bank Australia to merge

  • Featured
  • Corporate announcements
South West Credit members have voted in favour of a merger with Beyond Bank Australia at a Special General Meeting held in Warrnambool, Victoria on Monday 21 March. Beyond Bank is one of the largest customer-owned banks in Australia and the merge will see South West Credit’s 13,000 customers link in to Beyond Bank’s extensive regional and metropolitan national network.
Read article

Correction to Retail Payment Incident Report

  • Featured
  • Corporate announcements
An incorrect report for 'December Quarter 2021' was published on 14/02/2022, which was corrected at 9:45pm (ACDT) on 15/02/2022. This correct reporting shows a very high level of service availability (99.94% in one category, 100% in every other relevant category).
Read article
Back to top

Share this page