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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Interest Rates Drop by 0.25% – Commonwealth Bank, ANZ, NAB,Westpac, ING

The Reserve Bank of Australia (RBA) announced that it will move the official cash rate from 2.25% to a new record low of 2%.

In a close call among economists,  the RBA drop rates to stimulate the Australian economy and to put downward pressure on the Australian dollar.

It is expected that Australia’s  home loan lenders will drop their variable interest rates by 0.25% easing the monthly repayment made by borrowers.

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% 25th May 2015
AMP -0.20% 22nd May 2015
ANZ -0.25% 8th May 2015
Bank of Melbourne -0.20% 18th May 2015
Bank of Queensland -0.20% 26th May 2015
BankWest -0.17% 19th May 2015
Citibank No Announcement Yet
Commonwealth Bank -0.20% 13th May 2015
ING Direct Bank -0.25% 18th May 2015
Member equity bank ( ME) -0.25% 22 May 2015
RAMS Home Loans -0.20% 22nd May 2015
NAB -0.20% 13th May 2015
St George Bank -0.20% 18th May 2015
Suncorp Bank -0.20% 15th May 2015
Westpac -0.22% 18th May 2015

 

To keep up to date with all of Australia’s major lenders click the button below and compare interest rates

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Interest Rates Down 0.25% – ANZ Commonwealth, NAB, ING, Westpac

 

BREAKING NEWS: 

ANZ for the last 2 years have broken their Friday interest rate review protocol and announced that they will reduce their variable interest rates by 0.25% effective February 12th

NAB also reduced rates today by 0.25%

Westpac slashes beyond rate cut by 0.28% effective 20th February 2015. RAMS, St George and Bank of Melbourne may do the same.

UPDATE: Commonwealth Bank first major to reduce their standard variable rate by 0.25%, effective 20th February 2015

The RBA announced this afternoon they have reduced the official cash rate by 0.25%.

It has been 18 months since interest rate have moved  and they are the lowest in 60 years.

We expect that lenders will announce their response over the coming days and we will keep you updated below.

If you have any questions feel free to contact us.

Below shows how much each lender passes on their home loan rates. Interest rates will be updated on our main website once each lender passes on the reduction.

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Interest Rates Steady – ANZ, NAB, CBA Westpac, ING, St George

The RBA announced this afternoon they have decided to leave the official RBA cash rate unchanged.

The variable interest rate has remained unchanged since August 2013 at 2.50%

Economists are predicting rates will rise next year as early as March with subsequent rises there after. I never pay too much attention to economists as they very often get it wrong as so many things can change between no and then.

We expect that lenders will therefore leave their variable interest rates unchanged as well, but will be monitoring in case of any changes outside of the official rate.

Even though variable interest rates are on hold for this month there are many fixed rate home loan and investment loan deals on the market.

Last month the major banks, ANZ, Commonwealth Bank, NAB and Westpac, had a fixed rate interest war and there are some very competitive rates available from all lenders.

If you are interested in exploring this further click the button below.

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Interest Rates On Hold For August ANZ CBA NAB Westpac

interest-ratesThe RBA announced this afternoon they have decided to leave the official RBA cash rate unchanged.

We expect that lenders will therefore leave their variable interest rates unchanged as well, but will be monitoring in case of any changes outside of the official rate.

Even though variable interest rates are on hold for this month there are many fixed rate home loan and investment loan deals on the market.

Last month the major banks, ANZ, Commonwealth Bank, NAM and Westpac, had a fixed rate interest war and there are some very competitive rates available from all lenders.

If you are interested in exploring this further click the button below.

mortgage-quotes

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5 Year Fixed Rate War – ANZ NAB CBA and Westpac

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No sooner I wrote that Commonwealth Bank reduced their 5 year fixed rate loans to 4.99%, NAB and Westpac also reduced their rate down to 4.99%.

All these loans are available under their packaged loans where there is an annual fee to be paid, up to $395 depending on the lender.

ANZ and other lenders have yet to reduce their 5 year fixed rate but the pressure from the other majors will see better deals in the coming months.

To see if these loans suit your lending needs feel free to contact us

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