Rural Bank has announced an increase of 0.50% to its variable term lending and overdraft products, effective 24 June 2022
Chief Customer Officer, Richard Fennell said the Bank considered a range of factors when making this decision.
"We understand the rising cost of living will be a challenge for many Australian households. The increase to our rates announced today was considered carefully in the context of its impact on all of our stakeholders including our borrowers and savers."
As a specialist agricultural lender, Rural Bank assesses individual cases of hardship on a case-by-case basis. Any customer with questions regarding their circumstances is encouraged to contact their relationship manager directly. They can also call Rural Bank’s Customer Service Team on 1300 660 115 or visit their nearest branch.