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 23 June 2023. The Bank will also increase the rate on its Farm Management Deposit Accounts for fixed terms of 1 year by 0.30% to 4.80% as of Tuesday 13 June.

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. At the same time, we recognise that depositors will be pleased to see a higher rate of return on savings products including the competitive interest rate of 4.8% available on our Farm Management Deposit Accounts fixed for 1 year.”

“Rural Bank has always and will continue to, carefully consider the impact rate rises have on all of our customers. Our team is standing by 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 1800 652 146