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 24 March 2023.
Chief Customer Officer Business and Agribusiness Adam Rowse said:
“We understand the RBA’s tenth rate rise will put added pressure on borrowers, and their budgets. Our team of experienced Relationship Managers at Rural Bank are available to talk through issues or questions relating to increasing interest rates and to help customers stay on top of any challenges they may be facing as a result.”
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.