Following the Reserve Bank of Australia’s recent decision to increase the official cash rate by 0.25%, we have completed a review of our interest rates across lending and deposit products.
We understand ongoing interest rate increases continue to put pressure on household budgets, particularly for members with home loans. As a member-owned organisation, GMCU carefully balances the needs of all members, both borrowers and depositors, while ensuring we remain financially strong and sustainable so we can continue supporting our community into the future.
From Friday 8 May, GMCU will increase interest rates by 0.25% p.a. on our Variable Rate Home Loans.
What this means for borrowers
- When the rate changes: Your interest rate will change from Friday 8 May.
- When repayments change: Your new minimum repayment amount will apply from your next repayment cycle after 11 June.
- What you may need to do: If you have automatic transfers set up, you may need to review and adjust them to ensure your new minimum repayment is met.
- Where to find your details: Your updated interest rate, minimum repayment amount and due date will be available in Internet Banking and the GMCU App from Friday 8 May.
All members impacted by this change will receive written notification shortly with details specific to their loan.
Changes to deposit interest rates
As part of our review, we will also be increasing interest rates on selected deposit products, recognising the loyalty of members who continue to save and invest with GMCU.
- Advantage Saver Account: From 1 June 2026, the total rate on our Advantage Saver Account will increase by 0.25% p.a., taking the total rate (base plus bonus) to 4.55% p.a.
- Term deposits: GMCU continues to offer competitive fixed term deposit rates, including specials of 5.5% p.a. for 12 months and 5.6% p.a. for 24 months. View our Term Deposit rates here.
Do I need to do anything?
- Borrowers: If you have automatic repayments set up, you may need to review and adjust your repayment amount to ensure you continue to meet the new minimum repayment.
- Depositors: No action is required. Updated rates will apply automatically from the effective dates outlined above.
We’re here to help
If you have any questions about these changes, or if you are concerned about managing your repayments, please contact us as early as possible so we can talk through your options.
- Visit your local branch
- Speak with your local GMCU lender
- Call us on 1800 MY GMCU (1800 694 628)
