
News from LLL Australia
As Australia’s only philanthropic bank, LLL’s missional purpose is to transform money into a force for good that is passed back and forth from person to person, entity to entity and generation to generation. We seek to balance the needs of our borrowers and missionally minded depositors.
This month LLL again rewarded depositors by increasing the interest rates on all deposit accounts. The deposits invested with LLL enable us to support the important work of Lutheran Schools across the country – for which we are extremely grateful.
A demonstration of this work is our ability to insulate school borrowers from the full impact of the increasing interest rate environment to assist them in meeting their strategic missional objectives. Effective 1 July, LLL will increase the rates on secured and unsecured loans by 0.50%, meaning that we have passed on just 75% of the RBA rate increases since May 2022.
The following deposit interest rates took effect Monday, 19 June 2023 and are subject to change:
Product | Interest rate |
LLL Savings Accounts | 1.80% p.a. |
LLL Term Deposit – 6 months | 3.60% p.a. |
LLL Term Deposit – 12 months | 4.35% p.a. |
The following variable interest rates will take effect Saturday, 1 July 2023:
Product | Interest rate |
Secured loans | 4.70% p.a. |
Unsecured loans | 5.20% p.a. |
Should you wish to discuss your funding or investment needs or require more information, don’t hesitate to contact any member of our Relationship Team or by visiting lll.org.au.