16 May 2022

BankWAW has moved out of step with the majority of financial institutions by announcing that it will not pass on the full RBA rate rise to existing variable rate borrowers that was announced earlier in May.

The organisation will lift variable rates by 0.15% of the 0.25% announced by the RBA. The outcome will also see BankWAW defer the effective date for existing borrowers by seven weeks until 24 June 2022. Meanwhile, savers are also set to benefit with increases well beyond 0.25% to various Term Deposit products.

The decision comes as the organisation seeks to support borrowers facing higher costs of living, as well as repay the loyalty of customers during the last two years of the pandemic.

BankWAW CEO Michael Mack says that the decision is very much in keeping with the institution’s customer-owned model and reflects a commitment to the many thousands of customers that supported the organisation during a period of rapid interest rate changes at the beginning of 2020.

Mr Mack said “As a customer-owned organisation it is important to constantly challenge ourselves to find ways to support our customers and communities wherever we can. We also need to have long memories and acknowledge the support our customers provided when difficult decisions had to be made, when rates were going down rapidly at the outset of the pandemic.”

Any customer experiencing difficulties is encouraged to call BankWAW on 1300 368 555 to discuss ways to assist them during the period ahead. Information can also be found at www.bankwaw.com.au/Support/Financial-Hardship.