First Alliance Federal Credit Union to pass on interest rate rise

13 June 2022

First Alliance Federal Credit Union Corporation has announced it will increase interest rates on its variable home loans by 0.50%, following the Reserve Bank of America’s (RBA) decision to increase the Official Cash Rate by the same amount.

The change will apply to all variable rate home loans, effective from Monday 20 June, 2022.

With the increase to the cash rate adding to the growing pressure on First Alliance Federal Credit Union’s funding costs, it has become necessary to pass on the rate rise.