May 2012 Interest Rate Cut – CBA NAB ANZ Westpac

Update 14th May: ANZ reduce rates by 0.37% and AMP by 0.35%. We will also include their increase or 0.06% mid last month resulting in a net decrease of 0.31%

Update 4th May: Bank West reduce rates by 0.32%. and Westpac by 0.37%. More below

Update 3rd May: ING reduce rates by 0.30%. See other lenders in table below.

Update 1: Commonwealth Bank (CBA) reduced rates by 0.40%, NAB by 0.32%. Waiting on Westpac and other lenders. ANZ will make their decision next Friday.

The Reserve Bank of Australia reduced rates by 0.5%. It seems that each bank and lender will issue their interest rate decision in the coming days or weeks.

We will update each lenders decision on their variable rate interest rates for home loans and business loans here.

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank -0.35%
AMP -0.35%
ANZ -0.37+0.06= 0.31%
Bank of Melbourne -0.41%
Bank of Queensland -0.35%
BankWest -0.32%
Citibank No Decision Yet
Commonwealth Bank -0.40%
Homeside Lending -0.32%
ING Bank -0.30%
Member equity bank ( ME) -0.30%
RAMS -0.32%
NAB -0.32%
St George Bank -0.38%
Suncorp Bank -0.35%
Westpac -0.37%



If you are looking for a home loan or business loan we have qualified and ASIC licenced mortgage brokers to help you;

1. Find a competitive interest rate for commercial and home loans

2. Show you all the costs and fees associated with your loan

2. Show you how to beat the banks

3. Do all the paper work for you and process your loan quickly

For more information go to our home loan or commercial loan websites.



Interest Rate Cut – All signs show Banks wont pass on the full amount

Bank of Queensland (BOQ) gave us the first indication that the Banks will not pass on the full interest rate cut after the Reserve Bank of Australia cut interest rates by 0.5%.

BOQ announced yesterday that they will only be passing on 0.35% of the 0.50% stating the usually higher costs of funding.

ANZ will make their decision Friday week, but it is almost certain that Commonwealth Bank, NAB and Westpac will not reduce their interest rates by the full half percent.

Smaller lenders such as ING, St George, Bank West, RAMS and many other lenders require funding from the major banks they too will follow the majors.

We will keep you updated on what these lenders will do in the coming days.



Rates Down by 0.5% – What Will the Banks Do?

The Reserve Bank today cut the variable base interest rate by 0.5% amid a slowing economy.

Now the next question is what will the major banks do. Commonwealth Bank, ANZ, NAB and Westpac have indicated that they will review their home loan and business loan rates each month and we have seen ANZ increase rates by 0.06% just after Easter.

I can guarantee that all the banks will not pass on the full rate cut. We will keep you updated on what each lender does to preserve their profits.

If you are un happy with your lender feel free to submit a mortgage quote and one of our expert loan consultants can find you a competitive interest rate.


ANZ Increase Interest Rates – Time to Refinance You Home Loan?

ANZ announced late this afternoon that they will be increasing their variable home loan mortgage rates by 0.06%.

ANZ claimed higher funding costs as a result for the increase. This will add approximately $100 a year to a $300,000 home loan.

Typically the other banks have followed when one lender increases interest rates. We will just have to wait and see what Westpac, NAB and the CBA do in the coming days.

I feel consumers are becoming increasingly impatient with the banks increasing rates and will begin to look elsewhere  to refinance their home loans.

If you would like to contact a mortgage consultant to help you find a suitable loan to either refinance or to purchase a new property please complete the form below.

Variable Rates from 6.35% and Fixed Rates Under 6.00%


ANZ Raise Fixed Interest Rates

 In an ongoing trend in the last month we have seen fixed rates increase from their lows.

The ANZ bank today announced that they will increase their fixed interest rates. We are also aware that most other lenders will follow as the cost of fixed rates increases.

We suggest that is you are looking at obtaining a fixed rate that your apply for a “rate lock.” A rate lock is a guarantee that the interest rate today will be the same or less at settlement. However, are a few limitations;

– Usually costs a fee; anything from $0 to $800 depending on the lender

– Time limited to 30 to 90 days depending on the lender

– You must have you loan approved before you can apply for a rate lock

If you are in the market for a low fixed rate loan we suggest you act sooner rather than later before they rise further.  

To quickly access what the most competitive offers on the Australian mortgage market, complete a  mortgage quote form and one of our mortgage advisors can help you find a fixed rate that suits your lending requirements.




ANZ Leave Home Loan Rates on Hold

ANZ today announced that they are not increasing their variable home loan and commercial loan interest rates after their monthly review.

It will be interesting to see what the other lenders do. I feel that they too will keep interest rates steady in fear of media backlash. As always we will keep you updated.

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