Rural Bank announces interest rate changes for borrowers
Rural Bank has announced an increase of 0.50% to its variable term lending and overdraft products following the RBA’s decision to lift the cash rate at its July meeting. This change is effective 22 July 2022.
Chief Customer Officer for Rural Bank, Adam Rowse said the Bank considered a range of factors when making this decision.
"The increase to our rates announced today has been considered carefully in the context of its impact on all our stakeholders, including our borrowers and savers. We know every customer’s circumstances are different and we will maintain our conversations with them to understand what they need as the economic environment continues to change.”
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.