Regional bank changes fixed and variable rates

A regional bank has announced an increase to variable interest rates and adjustments to fixed rate loans, including a 26 basis point increase for one of its products.

Adelaide Bank has announced that new and existing variable rate loans will increase by 0.10 per cent, effective Thursday 15 December, while the fixed rates changes vary from a slight decrease of 0.05 per cent for one-year fixed to a 0.26 per cent increase for three-year fixed loans. 

Damian Percy, general manager of Adelaide Bank commented: “The decision to adjust rates takes into account a wide range of factors, including pressure on funding costs, balancing the interests of borrowers and savers, and maintaining competitive pricing. 

“We remain committed to delivering value to customers through affordable interest rates and smart product features such as 100 per cent offset for fixed and variable customers and easy-to-use budgeting software linked to transactions through online banking,” Mr Percy concluded.

Adelaide has become the latest bank to change rates following on from ME Bank, Commonwealth Bank, and ANZ all announcing changes earlier this week.

 

[Related: Bank announces changes to fixed and variable mortgage rates]

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Annie Kane

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