News

Following the Reserve Bank of Australia’s recent decision to increase the official cash rate by 0.25%, Horizon Bank has completed a review of interest rates across our lending and deposit products. We understand that ongoing interest rate increases continue to place pressure on household budgets, particularly for members with home loans. As a customer-owned bank, Horizon Bank carefully balances the needs of both borrowers and savers while ensuring we remain financially strong and sustainable so we can continue supporting our members and communities into the future. Changes to Variable Rate Loans From Friday 22 May 2026, Horizon Bank will increase interest rates by 0.25% p.a. on eligible variable rate home and personal loans. What this means for borrowers When the rate changesYour interest rate will change from Friday 22 May 2026. When repayments changeYour new minimum repayment amount will apply from your next repayment cycle after 22 June 2026. What you may need to doIf you have automatic transfers set up from another financial institution, you may need to review and adjust them to ensure your new minimum repayment is met. Where to find your detailsYour updated interest rate, minimum repayment amount and due date will be available in Internet Banking and the Horizon Bank App. All members impacted by this change will receive written notification with details specific to their loan. Changes to Deposit Interest Rates As part of our review, we will also increase interest rates on selected deposit products, recognising the loyalty of members who continue to save and invest with Horizon Bank. Some deposit products will have updated rates effective from Friday 22 May 2026, while others will change from Monday 1 June 2026. Updated rates will be available on the Horizon Bank website from the relevant effective dates. Do I need to do anything? BorrowersIf you have automatic repayments set up, particularly from another financial institution, you may need to review and adjust your repayment amount to ensure you continue to meet the new minimum repayment. DepositorsNo action is required. Updated rates will apply automatically from the effective dates.   We’re here to help If you have any questions about these changes, or if you are concerned about managing your repayments, please get in touch with us as early as possible so we can discuss the support options available. Visit your local branch to speak with one of our lending specialists, or call us on 1300 366 565.