Variable Interest Rates Down By 0.25% – ANZ CBA NAB Westpac ING Suncorp Banks

UPDATE 2 – 7/5/13 @ 5:20 pm: Commonwealth Bank and Westpac will also reduce their variable mortgage rates by 0.25%. We will have to wait until Friday for ANZs decision. I expect St George Bank, Bank of Melbourne, Bank SA and RAMS all to follow their owner Westpac. Check below for more changes.

UPDATE 7/5/13 @ 4:01 pm: NAB, ING Direct and Bank of Queensland have all reduced their home loan variable rates by 0.25% in line with the RBA

Today the Reserve Bank of Australia announced that variable interest rates are to drop by 0.25% in an effort to stimulate the economy.

Historically, 2.75% is the lowest interest rates have been ever. As inflation remains low the RBA is looking to stimulate the housing market and retail sector.

The major banks have no excuse not to pass on the full rate cut as they posted profits recently. We will keep an eye on the major banks – ANZ, Westpac, Commonwealth Bank (CBA) and NAB to see how they react to the recent decision. Normally their actions affect how other lenders reduce their rates.

Current Bank Interest Rates Rate Cut Effective Date
Adelaide Bank/ Bendigo Bank -0.25%  May 27th
AMP -0.25  May 24th
ANZ -0.27%  May 17th
Bank of Melbourne -0.25%  May 17th
Bank of Queensland -0.25%  May 24th
BankWest -0.25%  May 20th
Citibank -0.25%  May 20th
Commonwealth Bank -0.25%  May 13th
Homeside Lending -0.25%  May 13th
ING Direct Bank -0.25%  May 17th
Member equity bank ( ME) -0.25%  May 28th
RAMS -0.25%  May 13th
NAB -0.25%  May 13th
St George Bank -0.25%  May 20th
Suncorp Bank -0.25%  May 24th
Westpac -0.25%  May 20th

 

We will keep you updated on current variable  interest rate reductions. If you have any questions regarding this announcement and how it impacts on your circumstances,  feel free to submit a mortgage quote.

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Interest Rates Drop By 0.25% – ANZ, NAB, Westpac, CBA, ING, St George

*********** UPDATE: Recent Bank Rate Decisions ******************

ANZ hae reduced their mortgage rates by 0.20% today on the 14th December

Westpac and St George  will drop their variable interest rate by 0.20% effective December 17th

Commonwealth Bank (CBA) and NAB announced that they will drop their varibale rates by 0.20% effective December 10th

ING Direct reduce rates by the full amount 0.25% but will let their customers wait until the 24th of this month to receive the benefit

Bank of Queensland the first to move and drops rates by 0.20%

See below for full list

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As expected the RBA reduced interest rates by 0.25% reducing the official cash rate to 3.00%

We will have to wait and see what the banks and other mortgage providers do with their variable home loan rates. I feel they will not pass on the full rate cut despite what the government says.

As always we will keep you up to date on each lenders decision.

Banks and Other Lenders
Rate Cut Effective date
Adelaide Bank/Bendigo Bank  -0.20%  December 21st
AMP  -0.20%  December 24th
ANZ  -0.20%
Bank of Queensland ( BOQ) -0.20% December 21st
Bank of Melbourne  -0.20%  December 17th
Bankwest  -0.20%  December 18th
Citibank
Commonwealth Bank  -0.20%  December 10th
Heritage Bank
Homeside Lending  -0.20%  December 14th
ING Bank  -0.25%  December 24th
Macqauire Bank
NAB  -0.20%  December 10th
St George Bank / Bank SA  -0.20%  December 17th
Suncorp Bank  -0.20%  December 21st
Rock Building Society
Westpac  -0.20%  December 17th

 

If you would like to speak to a licensed mortgage consultant about your current mortgage or your options click the link below.

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Melbourne Cup Day Interest Rates On Hold

Today the Reserve Bank of Australia announce that they will leave interest rates on hold. I won’t go into the reasons why they decided to leave rates on hold because you can read it on their website.

This does not mean to say that some lenders may not change their interest rates. I will keep you updated with any surprise changes.

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank No Decision Yet
AMP No Decision Yet
ANZ No Decision Yet
Bank of Melbourne No Decision Yet
Bank of Queensland No Decision Yet
BankWest No Decision Yet
Citibank No Decision Yet
Commonwealth Bank No Decision Yet
Homeside Lending No Decision Yet
ING Direct Bank No Decision Yet
Member equity bank ( ME) No Decision Yet
RAMS No Decision Yet
NAB No Decision Yet
St George Bank No Decision Yet
Suncorp Bank No Decision Yet
Westpac No Decision Yet

If you need help with refinancing or for a new purchase please contact one of our mortgage consultants to assess which lenders suit your needs

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October Interest Rates Down 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp

Update 12th October 2012: ANZ announces a 0.20% drop in their variable rate 0.05% short of the full rate decrease

Rates announces by AMP, Bank West, Bank of Melbourne and Bendigo Bank. Adelaide bank will not pass on the rate cut until the 26th October making their customers pay the higher interest rate for 24 days after the rate cut was announced.

Friday 5th October NAB and Commonwealth Bank ( CBA ) announced that they will drop variable interest rates by 0.20%. Westpac are only dropping their rates by 0.18%. We are still waiting on ANZ and many other lenders make their decision.

Thursday 4th October ING reduces rates by the full 0.25%

Tuesday BOQ reduces rates by 0.20%

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank -0.20%
AMP -0.17%
ANZ -0.20%
Bank of Melbourne -0.20%
Bank of Queensland -0.20%
BankWest -0.19%
Citibank No Decision Yet
Commonwealth Bank -0.20%
Homeside Lending -0.20%
ING Direct Bank -0.25%
Member equity bank ( ME) -0.20%
RAMS No Decision Yet
NAB -0.20%
St George Bank -0.17%
Suncorp Bank -0.19%
Westpac -0.18%

If you need help with refinancing or for a new purchase please contact one of our mortgage consultants to assess which lenders suit your needs

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Interest Rate Cut – Bank of Queensland Shows its Hand

Within hours after the RBA cut interest rates by 0.25% the Bank of Queensland ( BOQ ) reduce their variable interest rate by 0.20%.

This could be an omen as this might be the trigger for the major banks not to pass on the full rate cut to its mortgage holders.

Research from the Herald Sun has found that over the last 12 months the Reserve Bank of Australia has cut interest rates by 1.5% and the major banks have only two thrids of this amount to its consumers. ANZ have passed on 1%, Commonwealth Bank – 1.01%, NAB – 0.89 and Westpac – 0.97%.

Smaller banks and other lender have not been that much different to the major banks. As always I will keep you up to date with how the banks will move on interest rates in the coming days.

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Australian Interest Rates Cut to 3.25%

In a move requested by many of those in the retail sector the RBA have reduced the variable cash rate to 3.25% from 3.5%.

This is welcome relief for business’ and mortgage holders as the Australian economy appears to be slowing.

Interest rate cuts announced by the RBA are not always passed on by the banks. Westpac, Commonwealth Bank, NAB and ANZ have not passed on the rate cuts in full this year and I expect them to do the same again. Some commentators say there is no reason for the banks not to pass on the full rate cut but we will have to wait and see.

I will keep you updated on how much the banks reduce their interest rates for variable rate mortgage holders as they are announced coming weeks.

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