Following the Reserve Bank of Australia’s decision on Tuesday, 5 May to increase the official cash rate by 0.25%, BankWAW will be increasing our variable home loan interest rates in the coming weeks. As part of this process, we are also finalising updated interest rates applicable to new borrowers in week ahead.
We’ll be in touch directly with affected customers ahead of these changes to explain what this means for you and when the new rate will take effect.
We understand that rising interest rates can place added pressure on household budgets, and we want our customers to know that we remain accessible, approachable, and here to help. To ensure we stand behind these commitments, BankWAW will defer the effective date of any new rates impacting existing borrowers for approximately six weeks – providing time to adjust payments and directly saving our borrowers money. We’re particularly proud to take these actions given all major banks are passing on the increases within 7-14 days.
If you’re feeling the impact, we encourage you to reach out to our team. We can work with you to complete a home loan audit, review your repayments, or explore options that may help ease the financial burden.
There is also some positive news for savers. In line with the cash rate increase, BankWAW will be increasing interest rates on savings and term deposit accounts, helping customers earn more from their deposits.
As a customer‑owned bank, these decisions are made with our members front of mind. While we are adjusting rates in line with broader market movements and competitor pricing, we’re proud to continue offering some of the most competitive variable home loan rates available. Importantly, we remain committed to keeping our promise to support and give back to our local communities, even through the toughest of times.
If you have any questions or would like a personalised review of your banking, our friendly local team is always ready to help—please don’t hesitate to get in touch.
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You can also find this information and other answers to frequently asked questions here.