In response to the Reserve Bank of Australia’s (RBA) recent decision to reduce the official cash rate by 0.25%p.a., Defence Bank is decreasing interest rates on a number of its home loans, savings and term deposit products.
The home loan rate changes will be effective Thursday the 27th February.
- All owner-occupied and investor variable rate (including interest-only) home loans interest rates will decrease by 0.25% p.a.
- Affected home loan members will receive more information on the changes to their rate and repayments in the coming weeks.
- If you're experiencing financial difficulties or have concerns about repayments, we encourage you to reach out to discuss your options.
The deposit rate changes will be effective 4th of March 2025.
Our new savings and term deposit interest rates are as follows:
- Max eSaver with bonus interest rate will reduce by 0.20% p.a to 4.90% p.a. to provide an all up rate of 5.00% p.a.
- Salute base variable rate will decrease by 0.25% p.a. to 3.75% p.a., providing an all up rate of 5.25% p.a. for new accounts.
- iSaver base variable rate will decrease by 0.25%p.a. to 1.00% p.a, providing an all up of 5.15% p.a. for new accounts.
- Pension Saver tiered rates will decrease by 0.25% p.a.
- All of our junior accounts standard variable rates decrease by 0.25% p.a. to 4.75% p.a.
- Most term deposit rates have decreased by 0.25% p.a., our current 8 month premium rate offer is now 4.80% p.a.
- For all other current product rates, see our interest rate schedules.
For any help and further queries, contact us on 1800 033 139 or visit your nearest branch.
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