Updates to interest rates on BCU Bank products
Following the Reserve Bank of Australia’s increase to the cash rate by 0.25% per annum on Tuesday 7 November 2023, BCU Bank is making changes to interest rates across lending products and some savings products.
The complete list of upcoming rate changes for BCU Bank products can be found below.
Effective from Wednesday 22 November 2023, the following changes to our variable home loan interest rates will apply:
| Owner Occupied Home Loans | Current rate | New rate |
| Offset Home Loan < 60% LVR (P&I) | 5.84% p.a. | 6.19% p.a. |
| Offset Home Loan 60% - 80% LVR (P&I) | 5.99% p.a. | 6.29% p.a. |
| Offset Home Loan 80% - 95% LVR (P&I) | 6.14% p.a. | 6.39% p.a. |
| OMG Home Loan < 60% LVR (P&I) | 5.64% p.a. | 5.99% p.a. |
| OMG Home Loan 60% - 80% LVR (P&I) | 5.79% p.a. | 6.09% p.a. |
| OMG Home Loan 80% - 95% LVR (P&I) | 6.04% p.a. | 6.29% p.a. |
| Standard Variable Home Loan (P&I) | 8.06% p.a. | 8.31% p.a. |
| Maximum Discounted Standard Variable Home Loan (P&I) | 7.36% p.a. | 7.61% p.a. |
| OMG Home Loan (IO) | 6.64% p.a. | 6.99% p.a. |
| Standard Variable Home Loan (IO) | 8.12% p.a. | 8.37% p.a. |
| Maximum Discounted Standard Variable Home Loan (IO) | 7.42% p.a. | 7.67% p.a. |
| All-in-One Line of Credit | 8.19% p.a. | 8.44% p.a. |
| Maximum Discount All-in-One Line of Credit | 7.49% p.a. | 7.74% p.a. |
| Bridging Loan | 9.51% p.a. | 9.76% p.a. |
| Variable Home Loan OO^ | 5.99% p.a. | 6.29% p.a. |
^Not available for sale. Fixed Rate Home Loans will automatically roll over to this product at the end of the fixed period.
| Investment Home Loans | Current rate | New rate |
| Standard Variable Home Loan (P&I) | 6.84% p.a. | 7.09% p.a. |
| Variable Home Loan Investment (P&I) | 6.14% p.a. | 6.44% p.a. |
| Basic Investment Loan < 70% LVR (P&I) | 5.94% p.a. | 6.29% p.a. |
| Basic Investment Loan > 70% LVR (P&I) | 6.04% p.a. | 6.39% p.a. |
| Basic Investment Loan (IO) | 6.34% p.a. | 6.69% p.a. |
| Standard Variable Home Loan (IO) | 8.07% p.a. | 8.32% p.a. |
| Variable Home Loan Investment (IO) | 7.37% p.a. | 7.62% p.a. |
| All-in-One Line of Credit | 8.35% p.a. | 8.60% p.a. |
| Maximum Discount All-in-One Line of Credit | 7.65% p.a. | 7.90% p.a. |
Effective from Wednesday 22 November 2023, the following changes to our savings account interest rates will apply:
| Savings accounts | Tier | Current rate | New rate |
| BCU Scoot Super Saver | $0 - $49,999.99 | 2.45% p.a. | 2.75% p.a. |
| $50,000 plus (no change) | 1.65% p.a. | 1.65% p.a. | |
|
BCU Bonus Saver |
$0 plus (no change) | 1.00% p.a. | 1.00% p.a. |
| Bonus rate | 3.90% p.a. | 4.20% p.a. | |
| BCU iSaver | $0 - $999.99 (no change) | 0.00% p.a. | 0.00% p.a. |
| $1,000 - $19,999.99 (no change) | 2.85% p.a. | 2.85% p.a. | |
| $20,000 - $249,999.99 | 3.10% p.a. | 3.25% p.a. | |
| $250,000 plus (no change) | 3.30% p.a. | 3.30% p.a. | |
|
BCU Business iSaver |
$0 - $4,999.99 (no change) | 1.45% p.a. | 1.45% p.a. |
| $5,000 plus | 1.60% p.a. | 1.75% p.a. | |
|
BCU Dream Saver |
$0 - $29,999.99 | 1.10% p.a. | 1.40% p.a. |
| $30,000 plus (no change) | 0.27% p.a. | 0.27% p.a. |
Effective from Wednesday 22 November 2023, the following changes to our variable rate commercial loans will apply:
| Commercial lending | Rate increase |
| Commercial Variable Loan (P&I) | 0.25% p.a. |
| Commercial Variable Loan (IO) | 0.25% p.a. |
| Commercial Variable Loan Special (IO) | 0.25% p.a. |
| Commercial Property Development | 0.25% p.a. |
| Commercial overdrafts | Rate increase |
| BCU Business Access Account Overdraft | 0.25% p.a. |
| BCU Business Access Account Overdraft (Secured or Unsecured) | 0.25% p.a. |
| Commercial All-in-One Line of Credit | 0.25% p.a. |
| SMSF lending | Rate increase |
| Residential Secured SMSF P&I Variable | 0.25% p.a. |
| Residential Secured SMSF IO Variable | 0.25% p.a. |
| Commercial Secured SMSF Variable | 0.25% p.a. |
Members on the Commercial Lending and SMSF Lending products will be notified of their new rate by letter.