As you have probably seen in the media over the past week, the Board of the Reserve Bank announced their decision on 7 February 2023 to increase Australia’s interest rates by another 0.25%; an increase almost immediately passed on to customers by the big banks.
But the Board of First Option Bank has decided NOT to increase our lending rates.
We know that many of our members are adapting to higher prices, however with the new financial squeeze and as a member-owned bank it is important to support all our loyal members where we can.
We have decided to absorb the financial impacts of these increases ourselves which is possible because your bank is in a solid financial position, and we will make decisions about future interest rates increases at the appropriate time.
CEO, First Option Bank