Rural Bank announces interest rate changes

Rural Bank has today announced changes to the pricing of its variable lending rates for secured term loans following the RBA’s decision to lift the cash rate by 0.25% p.a. on Tuesday.

For Rural Bank customers on a Variable Rate Loan the interest rate will increase by 0.25% p.a. as of Friday 19 May. The Bank will also increase the rate on its Farm Management Deposit Accounts for fixed terms of 1 year to 4.50% p.a as of Thursday 18 May.

Chief Customer Officer Business and Agribusiness Adam Rowse said:

“We understand that the RBA’s decision to lift interest rates will put increased pressure on borrowers. Our team of experienced Relationship Managers are available to talk through issues or questions relating to this rate rise and to help customers stay on top of these challenges.”

Borrowers who are experiencing difficulty are encouraged to get in touch with the bank to discuss their options and how we can help. If you would like to apply for assistance, please contact your relevant Agribusiness Relationship Manager or Rural Bank Customer Service Team on 1300 660 115.