Updates to interest rates on BCU products
In response to the Reserve Bank of Australia’s (RBA) cash rate increase of 0.25% p.a. on Tuesday 3 May 2022, we will be increasing our term deposit rates by an average of 0.27% p.a., savings account interest rates by up to 0.15% p.a and will pass on lending rate increases of between 0.15% - 0.25% p.a. to our variable rate home and commercial lending products.
The complete list of upcoming rate changes for BCU products can be found below.
Effective from Wednesday 1 June 2022, the following changes to our variable home loan interest rates will apply:
| Owner Occupied Home Loans | Current rate | New rate |
| OMG Home Loan < 60% LVR (P&I) | 2.19% p.a. | 2.34% p.a. |
| OMG Home Loan 60% - 80% LVR (P&I) | 2.29% p.a. | 2.44% p.a. |
| OMG Home Loan 80% - 95% LVR (P&I) | 2.39% p.a. | 2.64% p.a. |
| Variable Rate Home Loan (P&I) | 4.06% p.a. | 4.31% p.a. |
| Maximum Discount Variable Rate Home Loan (P&I) | 3.36% p.a. | 3.61% p.a. |
| OMG Home Loan (IO) | 2.94% p.a. | 3.19% p.a. |
| Variable Rate Home Loan (IO) | 4.12% p.a. | 4.37% p.a. |
| Maximum Discount Variable Rate Home Loan (IO) | 3.42% p.a. | 3.67% p.a. |
| Line of Credit Loan | 4.19% p.a. | 4.44% p.a. |
| Maximum Discount Line of Credit Loan | 3.49% p.a. | 3.74% p.a. |
| Bridging Loan | 5.51% p.a. | 5.76% p.a. |
| Investment Home Loans | Current rate | New rate |
| Variable Rate Home Loan (P&I) | 4.22% p.a. | 4.47% p.a. |
| Maximum Discount Variable Rate Home Loan (P&I) | 3.52% p.a. | 3.77% p.a. |
| Variable Rate Home Loan (IO) | 4.32% p.a. | 4.57% p.a. |
| Maximum Discount Variable Rate Home Loan (IO) | 3.62% p.a. | 3.87% p.a. |
| Line of Credit Loan | 4.35% p.a. | 4.60% p.a. |
| Maximum Discount Line of Credit Loan | 3.65% p.a. | 3.90% p.a. |
Effective from Friday 13 May 2022, the following changes to our Fixed Rate Home Loans will apply:
| Fixed Rate Home Loans (Owner Occupied) | Current rate | New rate |
| Fixed Rate 1 Year (P&I) | 2.89% p.a. | 2.99% p.a. |
| Fixed Rate 2 Year (P&I) | 3.39% p.a. | 3.49% p.a. |
| Fixed Rate 3 Year (P&I) | 3.69% p.a. | 3.89% p.a. |
| Fixed Rate 4 Year (P&I) | 4.09% p.a. | 4.19% p.a. |
| Fixed Rate 5 Year (P&I) | 4.29% p.a. | 4.39% p.a. |
| Fixed Rate 1 Year (IO) | 3.34% p.a. | 3.44% p.a. |
| Fixed Rate 2 Year (IO) | 3.64% p.a. | 3.94% p.a. |
| Fixed Rate 3 Year (IO) | 3.94% p.a. | 4.34% p.a. |
| Fixed Rate Home Loans (Investment) | Current rate | New rate |
| Fixed Rate 1 Year (P&I) | 2.99% p.a. | 3.09% p.a. |
| Fixed Rate 2 Year (P&I) | 3.49% p.a. | 3.59% p.a. |
| Fixed Rate 3 Year (P&I) | 3.79% p.a. | 3.99% p.a. |
| Fixed Rate 4 Year (P&I) | 4.19% p.a. | 4.49% p.a. |
| Fixed Rate 5 Year (P&I) | 4.39% p.a. | 4.59% p.a. |
| Fixed Rate 1 Year (IO) | 3.09% p.a. | 3.19% p.a. |
| Fixed Rate 2 Year (IO) | 3.59% p.a. | 3.69% p.a. |
| Fixed Rate 3 Year (IO) | 3.89% p.a. | 4.09% p.a. |
| Fixed Rate 4 Year (IO) | 4.29% p.a. | 4.59% p.a. |
| Fixed Rate 5 Year (IO) | 4.49% p.a. | 4.69% p.a. |
Effective from Friday 13 May 2022, the following changes to our savings account interest rates will apply:
| Savings accounts | Tier | Current rate | New rate |
| bcu Scoots Super Saver | $0 - $49,999.99 | 0.90% p.a. | 1.00% p.a. |
| $50,000+ | 0.10% p.a. | 0.20% p.a. | |
| bcu Dreamsaver | $0 - $29,999.99 | 0.50% p.a. | 0.60% p.a. |
| $30,000+ (no change) | 0.02% p.a. | 0.02% p.a. | |
| Advantage Saver | $0 - $1,999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| $2,000 - $47,999.99 | 0.10% p.a. | 0.25% p.a. | |
| $48,000+ | 0.30% p.a. | 0.45% p.a. | |
| bcu iSaver | $0 - $999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| $1,000 - $19,999.99 | 0.05% p.a. | 0.20% p.a. | |
| $20,000 - $249,999.99 | 0.10% p.a. | 0.25% p.a. | |
| $250,000+ | 0.25% p.a. | 0.40% p.a. | |
| bcu Business iSaver | $0 - $4,999.99 | 0.00% p.a. | 0.15% p.a. |
| $5,000+ | 0.10% p.a. | 0.25% p.a. |
Effective from Wednesday 1 June 2022, the following changes to the below accounts will apply:
| Commercial loans | Rate increase |
| Commercial Variable Loan (P&I) | 0.25% p.a. |
| Commercial Variable Loan (IO) | 0.25% p.a. |
| Commercial Property Development | 0.25% p.a. |
| bcu Business Access Account Overdraft | 0.25% p.a. |
| Commercial All-in-One | 0.25% p.a. |