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Variable Home Loan Interest Rate Change

At The Mutual, interest rates are regularly reviewed to ensure we remain both competitive and sustainable. Many banks have been quick to move on interest rates following changes to funding costs in the financial services industry. Our decision to delay any increase in loan interest rates has provided our members with additional time to review their position and prepare their household finances for changes in monthly loan repayment requirements.
In order to balance the needs of members, and after careful consideration the decision has been made to increase our variable home loan interest rates effective 1 October 2018 as follows:
> Owner Occupied Home Loans will increase by 0.15%p.a.
> Investment Home Loans will increase by 0.20%p.a.
This decision to increase by 0.15%p.a. will change repayments by approximately $9 per month for each $100,000 of loan balance, based on a 30 year loan term.
The Mutual’s CEO, Geoff Seccombe, said:
“In making today’s announcement we understand the impact this may have on our members. The decision to increase loan rates was based on the needs of all our members.”
In early October, borrowing members will receive a letter outlining their new variable home loan interest rate and monthly loan repayment amount. This new loan repayment amount will become effective from 1 November 2018.
If you are having difficulties with your loan repayments or would like to discuss options please talk to us on 1300 688 825 or visit a nearby branch.