This is a brief note to let you know that interest rates on new loans will be increasing to 10% pa.
This rate adjustment will not impact existing loans in the system.
Just over two years ago when we started Loda Finance the RBA official cash rate was effectively at 0%. As it sits in July, the benchmark is sitting at 4.1%, with many expecting a 25 basis point hike as soon as tomorrow (August) or in the following months.
While we obviously pay close attention to the official cash rate, we are not obligated to pass on central bank rate hikes.
As such, this is the first adjustment in interest rates on Loda Finance since inception.
We appreciate your ongoing support.