In response to the Reserve Bank’s decision to lift the OCR by 25 basis points to 3.1%, MyState Bank will raise its variable home loan interest rate by 25bps, effective Dec. 19.
“The RBA has a tough challenge to rein in inflation, and that has very real consequences for our MyState home loan customers,” said Brett Morgan, MyState Bank managing director and CEO. “This eighth consecutive rate increase from the RBA has cemented 2022 as one the toughest for many home loan customers.
“While around six in 10 of our mortgage holders are ahead on their repayments, that doesn’t take away from the challenges they’ve faced or those ahead, with the RBA governor flagging potential further rate hikes next year.
“Fortunately, there will be a small summer-time reprieve, with the RBA’s next meeting not scheduled until February. This will give MyState customers the chance to catch their breath, take stock of their savings and spending, and reset for 2023.”
In this challenging time for many customers, Morgan strongly encouraged those facing concerns about meeting their upcoming repayment to “please get in touch with us as early as possible, because we are here to help.”
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