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Deposit Interest Rate

The LLL advises that effective 1 October 2020, the interest rate on Savings Accounts has changed from 1.00% to 0.80% per annum.

This change is necessary due to the continued low interest rate environment maintained by the Reserve Bank in Australia and the investment returns the LLL is now receiving on deposit funds held.

The LLL Savings Account is an at-call facility. Research shows that 0.80% remains a good interest rate and is still very competitive when compared to other at-call account types.

We appreciate our depositors understanding the need for this latest rate adjustment. As a Charitable Financial Institution, the LLL serves as a great alternative to mainstream banks.  LLL Savings Accounts carry no fees or charges and generate vital income to support Lutheran Church organisations.

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