Lenders Passing on the 0.25% Rate Cut for May 2016

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Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 2.00% to 1.75%, the major banks and many other lenders have decided to pass on the full interest rate cut of 0.25%.

Interestingly, NAB were the first to make the announcement to reduced their variable home loan and investment loan  interest rates by 0.25% while Westpac, CBA and ANZ were quick to follow.

Other lenders such as  St George, Bank of Melbourne, Bank SA, and BOQ also reduced their rates by the prescribed amount.

We will keep you updated on how much and  the major lenders are going to reduce their interest rates with our trusty interest rate table.

 

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank / Bendigo Bank -0.20% 30th May 2016
AMP -0.20% 23rd May 2016
ANZ -0.19% 13th May 2016
Bank of Melbourne -0.25% 23rd May 2016
Bank of Queensland -0.25% 18th May 2016
BankWest -0.20% 20th May 2016
Citibank No Announcement Yet
Commonwealth Bank -0.25% 20th May 2016
ING Direct Bank -0.25% 20th May 2016
ME Bank -0.25% 16th May 2016
Heritage Bank -0.20% 23rd May 2016
NAB -0.25% 16th May 2016
St George Bank -0.25% 23rd May 2016
Suncorp Bank -0.25% 25th May 2016
Westpac -0.25% 23rd May 2016

 

If you have any questions about the announcement or interest rates, please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

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RBA Hold Interest Rates while Banks Hike Them

mortgage-rates-up1-300x225UPDATE: ING DIRECT will increase variable interest rates on all residential loan products by 0.18% p.a. effective from 15 January 2016. 

At yesterdays’s board meeting the Reserve Bank decided to leave the cash rate unchanged at the current low of 2.00%.
However, over the last few weeks the major banks and other lenders have been busy increasing their interest rates for owner occupier and investment home loans.

While the big banks copped all the negative publicity it seems a universal interest rate increase across all lenders.

In the table below I have summarised how much each lender had increased their interest rates and when they will pass this on to their consumers. While some lenders have not made announcements yet, I believe they will shortly or I cannot find a media statement saying they have increased their rates.

 

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank +.07 – 0.17% 20 Nov 2015
Bendigo Bank +0.12% 20 Nov 2015
AMP +0.18% 20 Nov 2015
ANZ +0.18% 20 Nov 2015
Bank of Melbourne +0.15% 20 Nov 2015
Bank of Queensland +0.29% 10 Aug 2015
BankWest +0.18% 17 Nov 2015
Citibank No Announcement Yet
Commonwealth Bank +0.15% 20 Nov 2015
ING Direct Bank +018% 15 Jan 2016
Member equity bank ( ME) No Announcement Yet
RAMS Home Loans +0.15% 20 Nov 2015
NAB +0.17% 12 Nov 2015
St George Bank +0.15% 20 Nov 2015
Suncorp Bank +0.16% 20 Nov 2015
Westpac +0.20% 20 Nov 2015

Where to From Here?
While these changes affect banks and non-banks in different ways there are discounts that still can be found.

You can compare property investment loans at our mortgage comparison pages.

If you are looking for a home loan deals for owner occupied properties go to our compare home loans page.

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ANZ Rate Increase 0.18%: Follows Westpac NAB and CBA

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Along with NAB, ANZ Bank have announced that they will be increasing their variable interest rates by 0.18% effective 20th November 2015.

Following Westpacs, NAB and Commonwealth Banks move to increase variable interest rates they too cited that they are  partially offsetting costs associated with recent changes to capital requirements.

All four banks have decided to slug its customers to raise capital to secure their lending obligations by APRA. However, the countries treasurer, Scott Morrison, said there are many other ways for banks to raise the capital without hitting its customers.

The change is just under a month away so those considering new finance within this time should take into account the interest rate change.

There are many deals out there and you can compare home loans and compare investment loans at our home loan comparison pages.

If you need help with your home, investment or commercial finances we have professional mortgage advisors Australia wide that offer free mortgage help by simply contacting us.

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NAB Increase Interest Rates by 0.17%

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NAB have announced that they will be increasing their variable interest rates by 0.17% effective 12th November 2015.

Following Westpacs and Commonwealth Banks move to increase variable interest rates they too cited that they are  partially offsetting costs associated with recent changes to capital requirements.

We also expect ANZ to follow in the coming days. We also expect that lenders that are linked to these major banks such as Westpac subsidiaries: St George, Bank of Melbourne, Bank SA and RAMS; CBA subsidiary Bank West and NABS broking products all to increase interest rates as well.

The change is just under a month away so those considering new finance within this time should take into account the interest rate change.

There are many deals out there and you can compare home loans and compare investment loans at our home loan comparison pages.

If you need help with your home, investment or commercial finances we have professional mortgage advisors Australia wide that offer free mortgage help by simply contacting us.

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NAB Partial Variable Rate Cut May 2015

Similarly to Commonwealth Bank, the NAB announced today that they will pass on part of the variable rate cut by 0.20% for May 2015

The new variable interest rate reduction will be passed onto consumers on the 13th May and applies to most of their  home loan and investment loan variable rate products.

To see how other lenders are responding and the dates they will reduce their rates – Lender interest rate reduction and date

Compare NAB Home Loans – rates will be updated by 13th May

To compare home loans and investment click the button below

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ANZ Drops Variable Rates By the Full Amount

ANZ announced today that they will pass on the full variable rate cut of 0.25% for May 2015 after the RBA’s decision to reduce interest rates by 0.25%. Obviously, the funding pressures are not as relevant as the Commonwealth Bank’s announcement to only pass on 0.20% of the interest rate cut.

The new variable interest rate reduction will be passed onto consumers on the 8th May and applies to most of their variable rate products.

To see how other lenders are responding and the dates they will reduce their rates – Lender interest rate reduction and date

Compare ANZ Bank Home Loans – rates will be updated by 8th May

To compare home loans and investment click the button below

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