2023 Interest Rate Update
As has been widely reported, the Reserve Bank of Australia increased the official cash rate by 25bps at its May meeting.
The updated interest rates for AIDF Lending and Investment rates are available here.
Please note the new rates for:
- Loans will apply from the 1 June 2023; and
- Investments will apply immediately.
The AIDF rates remain commercially attractive compared to those offered within the broader banking sector. In addition, no account keeping or transaction fees apply to our savings and investments products. The AIDF Board continues to monitor RBA and market movements closely.
Please do not hesitate to contact Adam, Leila or Sarah at the AIDF directly if you have any questions about these interest rate adjustments.
Trevor Ament
Chief Executive Officer
May 2023
INTEREST RATE ADJUSTMENTS
Non-Housing Loans
In response to the RBA cash rate increase, the AIDF is seeking to adjust Non-Housing Loan interest rates as of 1st June 2023 as follows:
– Standard Diocesan Rate which applies to Parishes, Diocesan Schools, the ACPT, and other Diocesan entities.
Increased by 0.25% from 7.00% to 7.25%
– Master Asset Facility (MAFF)
Increased by 0.25% from 4.75% to 5.00%
– Overdraft Rate
Increased by 0.25% from 7.75% to 8.00%
– Personal Late Rate
Remained unchanged at 9.75%
Term Investments
| Term Investments | 3 Months | 6 Months | 9 Months | 12 Months | 18 Months | 24 Months | 36 Months |
|---|---|---|---|---|---|---|---|
| Current (as at 20/03/23) | 3.60% | 3.75% | 4.10% | 4.50% | 4.50% | 4.50% | 4.00% |
| Proposed Rates (as of 17/05/23) | 4.00% | 4.15% | 4.35% | 4.60% | 4.60% | 4.50% | 4.00% |
Saving and Investment Accounts
| | Cash Management Account (Educational Entities) | Cash Management Account (Other Diocesan entities -Parishes & Agencies) | Community Saver Account | Access Account (Transactional) | Cheque Account |
|---|---|---|---|---|---|
| Current (as at 20/03/23) | 3.50% | 3.50% | 4.00% +0.50% donation | Up to $50k – 0.30% Over $50k – 0.35% | Up to $100k – 0.15% Over $100k – 0.20% |
| Proposed Rates (as of 17/05/23) | 4.00% | 3.75% | 4.25% +0.50% donation | unchanged | unchanged |
Home Loans
| Variable – Existing (as at 01/04/2023) | 5.00% | | |
| Fixed Rate | 1 Year 5.60% | 2 Year 5.90% | 3 Year 5.95% |
| Proposed Rates (as of 01/06/2023) | | | |
| Variable | 5.25% | | |
| Fixed Rate | 1 Year 5.75% | 2 Year 5.80% | 3 Year 5.75% |