On Tuesday, 17 March, the Reserve Bank of Australia (RBA) announced a 0.25% increase to the official cash rate, bringing it to 4.10%. As a customer-owned bank, Summerland Bank carefully considers how changes like this affect our customers and the communities we support.

Following a detailed review, Summerland Bank will increase variable loan interest rates by 0.25%.

These changes will apply to both new and existing variable rate loans on Tuesday, 7 April.

Loans impacted

• Variable rate home and investment loans
• Variable rate business loans
• Overdrafts
• Variable rate personal and car loans

Customers with existing variable loans will be contacted directly and will receive confirmation of their new interest rate and minimum repayment amount.

We understand that interest rate changes can place added pressure on household and business budgets. Every customer’s situation is different, and our team is here to help.

If you have any questions or would like to chat through your options, we are just a call away on 1300 728 728, or visit your local branch.