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Judo Market Base Rate as at 1 February 2024: 4.85% p.a.

How is the Judo Market Base Rate Calculated?

The Judo Market Base Rate is repriced monthly. It is current as of the 1st of each month.

The Judo Market Base Rate is the rate reasonably determined by Judo, by reference to the BBSY (BBSW Bid Rate), wholesale funding costs and the prevailing market conditions.

For further information please contact your Director Relationships.

Effective Date Judo Market Base Rate (% p.a)
1 February 2024 4.85% p.a.
1 January 2024 4.85% p.a.
1 December 2023 4.76% p.a.
1 November 2023 4.61% p.a.
1 October 2023 4.52% p.a.
1 September 2023 4.42% p.a.
1 August 2023 4.50% p.a.
Judo Market Base Rate (% p.a)
Effective Date
1 February 2024 4.85% p.a.
1 January 2024 4.85% p.a.
1 December 2023 4.76% p.a.
1 November 2023 4.61% p.a.
1 October 2023 4.52% p.a.
1 September 2023 4.42% p.a.
1 August 2023 4.50% p.a.

ASX Disclaimer

BBSW® is a registered trademark of ASX Benchmarks Pty Limited and its related bodies corporate (collectively, “ASX”). ASX owns all proprietary rights in the BBSW benchmark rate data and End of Day BAB data (together, “ASX Benchmark Data”).

ASX does not guarantee the timeliness, accuracy or completeness of any data or information relating to the ASX Benchmark Data. ASX makes no warranty, express or implied, as to the ASX Benchmark Data or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose.

To the maximum extent permitted by law, the ASX Benchmark Data is provided “as is” and ASX, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever (whether in negligence or otherwise) for damages, claims, losses or expenses - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with the ASX Benchmark Data, including but not limited to losses or expenses caused by errors or delays in calculating or disseminating the ASX Benchmark Data.

Your right to use the ASX Benchmark Data is governed by your agreement with ASX regarding the ASX Benchmark Data. If you do not have an agreement with ASX, all ASX Benchmark Data is provided for your information and personal use only, and is not intended for trading purposes or advice.

ASX BBSW Disclaimer see:

Early Repayment Costs

At Judo, we fund our customer’s fixed rate loans based on an expected loan term, repayment frequency and repayment amount. If you choose to repay your fixed rate loan early, an Early Repayment Cost may arise. An early repayment cost is our reasonable estimate of the difference between what we would have earned had you not repaid all or part of your fixed rate loan, and what we can earn from re-lending the pre-paid amount.

Why do Early Repayment Costs arise?

To determine if Judo has incurred any loss as a result of an early repayment, we look at the differential in the wholesale interest rate between the day the fixed rate loan was entered into, and the date of early repayment. This is because Judo’s funding costs are largely determined by wholesale interest rates. If the wholesale interest rate on the day of early repayment is less than the wholesale interest rate at the start of the fixed interest rate period, a loss will be incurred by Judo. This loss arises as Judo needs to re-lend the pre-paid amount to a different customer, all the while continuing to pay interest at the relatively higher interest rate. This cost is an estimation as we manage our funding on a portfolio basis.

What will determine the amount?

Early Repayment Costs are determined by several factors, including:

  1. The amount of the loan being repaid early
  2. The remaining fixed interest rate period of the loan
  3. Your contracted loan repayments
  4. The difference in the wholesale interest rate between the day the fixed rate was entered in to, and the day of the early repayment. The Early Repayment Cost calculation can be provided on request. Should you be considering repaying your fixed interest rate loan early, please contact us.

An Example:

  • A Judo customer borrows $500,000 in an interest only facility at a rate of 5.45%, fixed for 5 years. Repayments are to be made monthly. Judo's underlying wholesale interest rate for this deal was 2.95%.

  • After one year, the customer would like to repay their loan in full. The prevailing interest rate for a 4 year fixed rate is 4.5%, and Judo's wholesale interest rate for the same period is now 2.00%.

  • Based on this, the wholesale interest rate has decreased by 0.95% indicating that the market value of this money has decreased. Judo will look to re-lend this repaid money to another customer, however it will have to do so at a relatively higher cost so that Judo does not break its own funding position.

  • Judo calculates its early repayment amount using the following formula: Early Repayment Cost = Principal remaining * Wholesale Interest rate differential (per period) ^ Number of remaining repayments

  • Using the values from the above example, $500,000 * (0.95%/12) ^ 48 = $19,357.80 total for the remaining four years.

Default Rate margin

As at 17th October 2023 the Default Rate margin is 4.00% per annum.

© Judo Bank Pty Ltd ABN 11 615 995 581 AFSL and Australian Credit Licence 501091 (Judo). The Information on this page (Information) does not constitute personal, legal, investment, taxation, accounting or financial product advice, is provided for general information purposes only, and has been prepared without taking into account your objectives, financial situation, tax position or needs. It is subject to Judo’s disclaimer at

Interest rates and Information are subject to change. Eligibility criteria, fees, charges and terms and conditions apply; information available on application. Before acting on any advice on this page, Judo recommends that you consider whether the advice is appropriate for your circumstances and read the relevant terms and conditions before acquiring any product. Applications for credit are subject to approval.

Fixed loans may be subject to early repayment costs if you repay all or part of your loan early or switch to another loan before the end of the fixed term. If you change your loan type from fixed to variable rate, repayment amounts will change. Please be aware that different interest rates apply, depending on whether you select fixed or variable rates and/or whether you are making interest only (IO) payments or principal and interest (P&I) payments. During an IO period, your payments will not reduce your loan balance, meaning that you may pay more interest over the term of your loan. After an IO period, your repayments will increase to cover P&I. You should also be aware that a variable rate can increase or decrease over the term of your loan. If rates increase, your payments may increase.