Changes to Variable home loan interest rates

Changes to Variable home loan interest rates

After careful consideration, the Bank has decided to increase interest rates by 0.20% on new and existing Variable rate home loans.  The interest rate changes take effect for existing variable home loans from 1st January 2016 and for all other business on the 8th December 2015.

Our fixed rate home loans remain unchanged as does the rate on the newly released variable rate Classic Home Loan. 

Frequently Asked Questions

Why is UniBank increasing its home loan variable interest rates when the RBA has not changed the cash rate?

The Bank meets regularly to review the interest rates and takes various factors into consideration such as the cost of funding including wholesale and deposit costs and market conditions.

 
It wasn’t an easy decision but one that will support ongoing sustainable growth of the Bank as we strive to deliver enhanced products and services in a dynamic and competitive home loan environment. 

How does this change impact me and my repayments?

If you have a variable home loan with us, your interest rate will increase by 0.20%.  For the moment, your repayments will remain the same.  Before making any changes to your repayments, we’ll send you a letter telling you what your new repayments will be, and the effective date of that change.

If your current repayment is paid by a direct credit or periodical payment, we will adjust your payment automatically.  Please review your current direct credit amount to ensure it is sufficient to cover this change and your other requirements.

If you pay by any other method, please adjust your payments accordingly.

If you have an amount available for redraw on your loan and you do not wish to increase your loan repayments to the new minimum amount please contact us to discuss your options.

Any additional payments will continue unless you wish to make other arrangements. 

For many borrowers, there may be no impact as they have chosen to keep their repayments high over this extended low interest rate period.

I want to adjust my repayments how do I do that?

Please contact us on 1800 864 864 to discuss your options.

My loan is split with a fixed and variable home loan.  What does that mean?

Only the variable portion will be affected and your interest rate will increase by 0.20%. There are no changes to your Fixed home loan.