February 2023 Interest Rate Changes

  • 24 February 2023

    Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), Health Professionals Bank will change interest rates on some of our loan products.

    Why are we changing interest rates?

    As market conditions change, as a Mutual Bank we need to adjust our rates to operate sustainably while providing value for all Members. 

    What’s changing?

    Effective 24 February 2023, Health Professionals Bank will increase the variable interest rates for new and existing home and residential investment loans between 0.25% p.a. and 0.45% p.a. for the following:

    • Your Way Home Loan Basic Variable
    • Your Way Home Loan Standard Variable
    • Your Way Plus Loan Variable
    • All existing variable rate home loans1

    From 24 February 2023, Teachers Mutual Bank Limited will increase the fixed interest rates for new home and residential investment loans by 0.45% p.a. on all Your Way Plus Fixed Home Loans. 

    Effective 24 February 2023, Health Professionals Bank will increase the variable interest rate by 0.45% p.a. for existing variable commercial loans.

    To further support savers, we are increasing the 13 month Member Term Deposit rate by 0.65% p.a. to 4.15% p.a. , effective 1 March 2023.2

    To view all our home loan, savings products and term deposits rates, visit our Rates page.

    We have a long-standing commitment to hardship assistance and Member service. If you’re experiencing financial hardship and can’t meet your repayment commitments, you can contact 1800 472 265 to discuss your options with us.

    The information is current as at 24 February 2023 and is subject to change. Terms and conditions, fees and charges and eligibility criteria (e.g. credit approval criteria and Membership eligibility criteria) apply. Target Market Determinations are available online or from any of our branches. 
    1 Information is subject to change. Membership eligibility applies to join the Bank. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you.

    2 Interest rates effective from 24 February 2023 on balances from $1,000 to $499,999. Deposits of $500,000 or more are subject to acceptance and different interest rates may apply. Rates are subject to change without notice. Terms and conditions, fees and charges and eligibility criteria apply (i.e., Membership eligibility criteria).  You should consider whether this product is appropriate for you before acquiring it.

    Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence No 238981.
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