Following the Reserve Bank of Australia’s recent decision to increase the official cash rate by 0.25%, we have reviewed our interest rates across lending and deposit products.
From Tuesday 6 October 2026, 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 Tuesday 6 October.
- When repayments change: Your new minimum repayment amount will apply from your next repayment cycle after 4 November.
- What you need to do: If you make automatic payments to your loan, check your payment amount and increase it if necessary to ensure it covers your new minimum repayment.
- Where to find your details: Your updated interest rate, minimum repayment amount and repayment due date will be available in Internet Banking and the GMCU App from Tuesday 6 October.
All members impacted by this change will receive written notification with the new interest rate, minimum repayment amount and effective date specific to their loan.
Changes to deposit interest rates
We’re also increasing rates across selected deposit products, providing additional value for members who save and invest with GMCU.
- Advantage Saver Account: From 1 November 2026, the total rate on our Advantage Saver Account will increase by 0.25% p.a., taking the total rate, including base and bonus interest, to 4.80% p.a.
- Term deposits: New term deposit rates include 5.25% p.a. for 6 months and 5.15% p.a. for 12 months.
We’re here to support our members
We understand that higher interest rates can place additional pressure on household budgets, particularly for members with home loans.
Our fixed home loan rates are not changing at this time, providing another option for members looking for greater certainty around their interest rate. Speak with your local GMCU lender if you’d like to discuss your home loan options.
If you are experiencing financial difficulty or are concerned you may have trouble making your repayments, please contact us as soon as possible. The sooner you speak with us, the sooner we can understand your circumstances and discuss what support may be available.
You can learn more about the support available here.
Contact us
If you have any questions about these interest rate changes or how they affect you, please
- visit your local branch
- speak with your local GMCU lender
- call us on 1800 MY GMCU (1800 694 628)
