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2022 Interest Rate Update

As has been widely reported, the Reserve Bank of Australia raised the official interest rate by a further 50 basis points at its September meeting.

The updated interest rates for AIDF Lending and Investment rates are available here. Please note the new rates for:

  1. Loans will apply from the 1 October 2022; and
  2. 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

September 2022

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 September 2022 as follows:
– Standard Diocesan Rate which applies to Parishes, Diocesan Schools, the ACPT, and other Diocesan entities.
Increased by 0.50% from 5.50% to 6.00%
– Master Asset Facility (MAFF)
Remained unchanged at 4.50%
– Overdraft Rate
Increased by 0.50% from 7.00% to 7.50%
– Personal Late Rate
Remained unchanged at 9.75%

Term Investments

Term Investments3 Months6 Months9 Months12 Months18 Months24 Months36 Months
Current (as at 28/08/2022)1.75%2.25%2.50%3.00%3.10%3.25%3.45%
Proposed Rates2.10%2.35%2.60%3.65%3.65%3.65%unchanged

Saving and Investment Account

Cash Management AccountCommunity Saver AccountAccess Account (Transactional)Cheque Account
Current
(as at 28/08/22)
1.50%1.50% +0.50% donationUp to $50k – 0.30%
Over $50k – 0.35%
Up to $100k – 0.15%
Over $100k – 0.20%
Proposed Rates2.00%2.00% +0.50% donationunchangedunchanged

Home Loans

Variable – Existing (as at 01/09/2022)3.40%
Fixed Rate1 Year
4.80%
2 Year
5.50%
3 Year
5.80%
Proposed Rates
Variable3.90%
Fixed Rate1 Year
unchanged
2 Year
unchanged
3 Year
unchanged



Interest Rate Update – September 2022
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