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 August meeting. This change is effective 19 August 2022.
Chief Customer Officer for Rural Bank, Adam Rowse said the Bank always considers a range of factors when making decisions about rates.
"We have each of our stakeholders front of mind when considering a change to rates at any time, including our lending and deposit customers. We are continuing to work with them – to give them confidence to take hold of opportunities that lay ahead and to manage the challenges presented by a dynamic economic environment.”
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.