No. But we did!
Effective 1 October 2020 loan rates have been reduced! Normally such a reduction would take place when the Reserve Bank of Australia (RBA) lowers the Official Cash Rate. We are dropping our rate outside of any RBA movements because we are different from other banks. We care about our members and are always striving to deliver the best outcome that we can.
Traditionally financial institutions offer new borrowers a lower rate then slowly inflate this rate over time. We believe it's only fair to offer long time members and newly joined members the same savings and benefits. Therefore we do not have differential pricing for borrowers with the same product.
We encourage all members who know family and friends who have a home loan elsewhere to check their rate.
We will continue to make every effort to improve the financial wellbeing of you and your community.
Interest Rates
Rates, Fees & Charges effective: 01/10/2020
Savings & Transaction Accounts
| Everyday Account (S99) | Interest Rate |
|---|
| Any balance |
0.00% |
| Pensioner Account (S98) | Interest Rate |
|---|
| $1 - $9,999 |
0.00% |
| $10,000 - $49,999 |
0.05% |
| $50,000 - $249,999 |
0.25% |
| $250,000+ |
0.45% |
| Concession Card Account (S36) | Interest Rate |
|---|
| Any balance |
0.00% |
| Youth Account (S92) | Interest Rate |
|---|
|
Any balance
Interest calculated on daily balance and credited 30 June each year.
|
0.25% |
| Bill Paying Account (S72) | Interest Rate |
|---|
|
Any balance
Interest calculated daily on debit (overdrawn) balances and debited to the account at the end of each month.
|
0.00% |
| Christmas Club Account (S45) | Interest Rate |
|---|
|
Any balance
Interest calculated on daily balance and credited 31 October each year.
|
0.15% |
| Online Saver Account (S37) | Interest Rate |
|---|
|
Any balance
Interest calculated on daily balance and credited on the last day of the month.
|
0.25% |
Fixed Term Accounts
| Fixed Term Account (I95/96) | Interest Rate |
|---|
| 1 Month |
0.10% |
| 2 Months |
0.20% |
| 3 Months |
0.50% |
| 4 Months |
0.50% |
| 5 Months |
0.50% |
| 6 Months |
0.55% |
| 7 Months |
0.80% |
| 8 Months |
0.60% |
| 9 Months |
0.60% |
| 10 Months |
0.60% |
| 11Months |
0.60% |
| 12 Months |
0.90% |
| 24 Months |
1.10% |
Minimum balance of $5,000. Interest fixed for the term of the investment. Interest calculated on daily balance and credited on maturity. For terms greater than 12 months, interest also credited annually.
When a fixed term account is redeemed prior to maturity the interest rate applicable will be equivalent to the current At Call rate for the amount withdrawn.
31 days written notice must be given for early redemptions.
Home Loans
Owner Occupied
| Type | Interest Rate | Comparison Rate |
|---|
| Principal & Interest |
2.79% |
2.79% |
| First Home Buyer* |
2.54% |
2.74% |
| Interest Only |
4.39% |
4.39% |
| Bridging Loan |
3.19% |
3.19% |
| Fixed (1 to 5 year options) |
Rate on application |
Investment
| Type | Interest Rate | Comparison Rate |
|---|
| Principal & Interest |
3.29% |
3.29% |
| Interest Only |
3.29% |
3.29% |
| Fixed (1 to 5 year options) |
Rate on application |
Personal Loans
| Type | Interest Rate | Comparison Rate |
|---|
| Secured Loans |
6.70% |
6.70% |
| Standard Loans |
11.70% |
11.70% |
Credit Card & Overdraft
Credit Card
| Type | Interest Rate | Annual Fee |
|---|
| Basic Blue |
11.99% |
$45 |
Overdraft
| Type | Unsecured | Secured
(Goods Mortgage) |
Secured
(Residential Mortgage)
|
|---|
| Interest Rate |
11.80% |
7.70% |
5.49% |
Business Accounts
| Business Everyday Account (S90) | Interest Rate |
|---|
| Any balance |
0.00% |
| Business Online Saver Account | Interest Rate |
|---|
|
Any balance
Interest calculated on a daily basis and credited on the last day of the month
|
0.15% |
Business Lending
Principal & Interest
| Type | Interest Rate | Comparison Rate |
|---|
| Residentially Secured |
2.54% |
2.54% |
| Commercially Secured |
3.39% |
3.39% |
| Goods Mortgage Secured |
6.70% |
6.70% |
| Unsecured |
11.70% |
11.70% |
| Fixed (1 to 5 year options) |
Rate on application |
Interest Only
| Type | Interest Rate | Comparison Rate |
|---|
| Residentially Secured |
2.54% |
2.54% |
| Commercially Secured |
3.39% |
3.39% |
| Fixed (1 to 5 year options) |
Rate on application |
Credit Card
| Type | Interest Rate | Annual Fee |
|---|
| Basic Blue |
11.99% |
$45 |
Overdraft
| Type | Unsecured | Secured
(Goods Mortgage) |
Secured
(Residential Mortgage)
|
Secured
(Commercial Property)
|
|---|
| Interest Rate |
11.80% |
7.70% |
4.49% |
5.20% |
General Loan Information
- Mortgage Loans require 1st or 2nd mortgage over residential property including vacant land
- Mortgage Loans are available for terms of up to 30 years
- Personal Loans are available for terms of up to 7 years
- Security may be required on Personal Loans
- Fees and Charges may be payable
- Loans available for any worthwhile purpose, but are subject to AWA’s lending policy
- Interest is calculated daily and charged to the loan at the end of each month
- Additional repayments and lump sum principal reductions are allowable at any time without penalty on all variable rate loans.
Schedule of Fees & Charges
| | Fee |
|---|
| No Account Keeping Fees |
|
|
No Transaction Fees#
# Refers to access cards, internet banking, telephone banking, teller transactions and personal cheques on Transaction Accounts.
|
|
|
Bill Paying Fees (S72 Bill Paying Accounts Only)
A fee of $1.50 will be charged for each Withdrawal transactions*. The fee is debited to the account at the end of each calendar month.
*Withdrawal transactions include cash withdrawals, over-the-counter bank cheque withdrawals (refer to bank cheque fee below which also applies), direct debits, debit transfers and Bpay payments.
|
$1.50 |
|
IPEX Fee
Electronic Funds Transfers (EFT’s) processed in real time are $20.00 each. Please note arrival time cannot be guaranteed as it is dependant on the receiving financial institution.
|
$20.00 |
|
Dishonour Fees
- Member cheque dishonoured due to insufficient funds
- Direct Debit dishonoured due to insufficient funds
- Cheque deposited to the account and subsequently dishonoured
- Periodical Payment dishonoured due to insufficient funds
|
$10.00 |
|
Bank Cheque Fees
Stop bank cheque request
|
$15.00 |
|
Overdrawn Account Fee
Per item which overdraws account or exceeds overdraft limit
|
$10.00 |
|
Traces, Enquiries & Disputes
+Fee only applies to non-genuine disputes
|
$30.00 |
|
Dormant Account Fee
Annual fee on dormant accounts (no transactions over the prior 12 months)
|
10.00 |
|
Duplicate Statement Fee
Per statement
|
$5.00 |
|
Youth Account (S92)
The above fees and charges do not apply to the Youth Account
|
|
| Merchant Facilities |
Available on application |
| Foreign Exchange | |
|---|
| Visa Foreign Transaction Current Conversion |
3% of sale |
| Foreign Currency |
1% of sale |
| Cash Passport |
1% of sale |
| Bank Draft |
$15.00 |
| Telegraphic Transfer |
$40.00 |
| Loan Fees | |
|---|
| Personal Loan Establishment Fee |
Nil |
| Overdraft Establishment Fee |
Nil |
| Motrgage Loan Establishment Fee |
Nil |
| Fixed Loan Rate Lock-in Fee (for up to 3 months) |
$600 plus 0.15% of loan amount |
| Repayment Processing Fee (for fixed rate loans) |
Economic Cost - available on application |
| Default Payment Fee |
$35.00 |
