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Deposit Interest Rate

The LLL advises that effective 1 April 2020, the interest rate on Savings Accounts has changed from 1.50% to 1.00% per annum. This change is necessary due to the further substantial reductions in the Reserve Bank Cash Rate to a new record low in response to the COVID-19 pandemic.

The LLL Savings Account is an at-call facility. This rate remains more than competitive when compared to other at-call account types.

LLL Savings Accounts carry no fees or charges and generate vital income to support Lutheran Church organisations. As the only religious charitable Authorised Deposit-taking Institution (ADI) in Australia, the LLL continues to serve as a great alternative to mainstream banks.

Loan Interest Rate

We also advise that effective 1 April 2020 the LLL Board approved a reduction in the loan interest rate from 3.90% to 3.15% per annum.

Recent changes to the LLL loan interest rates are the first since 1973 and come amid Australia’s unprecedented low interest rate environment.

While making these changes, the LLL remains mindful of providing a stable loan interest rate environment and will continue to maximise stability to enable borrowers to plan and budget their financial needs with a strong degree of certainty.

In determining these interest rates, the Board’s focus is to maintain an appropriate balance between the interest paid to depositors, the interest charged to borrowers, and the financial support provided to the LCA. This will continue to be achieved through regular monitoring of deposit and loan interest rates.

We thank our customers for your ongoing support of the LLL through your LLL Savings Accounts and loan facilities, and thank God for the partnership this provides ‘together in mission’.


      Graeme Huf                                                          Allen Kupke

      Chairman                                                              Chief Executive Officer