Reserve Bank’s latest increase sees rate move

11 May 2023

Following the Reserve Bank’s recent decision to further increase Australia’s cash rate by 0.25%, Heritage Bank will be lifting its variable mortgage rates.

All Heritage Bank’s existing variable rate home loans will increase by 0.25% p.a., as will variable business loans. The changes will be effective from 16 May 2023.

Rates on all savings accounts and term deposits are still being considered, with a decision expected shortly.

For any member feeling financial pressure, we have a range of policies and processes to assist. To find out more, please visit our financial hardship page.