MyState Bank Announces Changes to Interest Rates – March 2023
MyState Bank has completed a review of its current interest rates following the Reserve Bank of Australia’s (RBA) March meeting, where it lifted the official cash rate by 25 basis points, taking it from 3.35 per cent to 3.6 per cent.
In response to the RBA’s decision to increase the official cash rate, the MyState Bank variable home loan interest rate will increase by 25 basis points. The change will be effective from 20 March 2023.
New and existing savers will receive one of the most competitive rates in Australia of 4.50 per cent1 through the MyState Bonus Saver account. The increase will be effective from 1 April 2023, taking the total increase across February and March to 50 basis points.
Savers with a MyState Term Deposit will also receive a boost with a 0.80 per cent increase to six month terms to 4.15 per cent and a 0.45 per cent increase to 12 month terms to 4.35 per cent, effective 15 March 2023.
MyState Bank Managing Director and CEO Brett Morgan said that the tenth consecutive rate rise from the RBA was unprecedented, but there was some cause for optimism.
“Our home loan customers are largely holding steady in the face of the 10 consecutive rate rises,” Mr Morgan said. “Around one in three are around six months or more ahead in their repayments.
“But, this of course is not the case for everyone with the RBA rate rises coupled together with the cost of living pressures creating a challenge for many household budgets.
“I encourage anyone who is concerned about how they will meet their repayments to talk to their bank. We are here to listen to you and to help you.
“There is however some cause for cautious optimism, after RBA Governor Phil Lowe said this week that: 'we are closer to the point where it will be appropriate to pause interest rate increases to allow more time to assess the state of the economy'.
“While there is short term pain, there is hopefully some long term relief on the horizon, and I think many mortgage holders can take heart from that.”
1Once eligibility requirements have been met.
