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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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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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 Down Today by 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp

UPDATE: NAB, Commonwealth Bank,  BOQ  and ING Direct drop home loan rates by 0.25%, Westpac by 0.28%

The Reserve Bank of Australia announced a 0.25% official cut to interest rates, down to 2.50%. The lowest in Australia’s history.

Although this is welcome news for variable interest rate home loan and other mortgage holders; however, it is not so good news for the state of  Australia’s slowing economy as the RBA reduces rates to help pick up economic activity.

One of the major banks has made comments about the cost of lending rising so we will have to wait and see how the major banks; Commonwealth Bank, ANZ, NAB and Westpac, will reduce their interest rates.

Below shows how much each lender passes on the interest rate cut. Interest rates will be updated on our main website once each lender passes on the reduction.

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank No Decision Yet
AMP No Decision Yet
ANZ -0.25% effective 16th August
Bank of Melbourne -0.25% effective 19th August
Bank of Queensland -0.25% effective 27th August
BankWest -0.25% effective 19th August
Citibank No Decision Yet
Commonwealth Bank -0.25 effective 14th August
Homeside Lending -0.25% effective 16th August
ING Direct Bank -0.25% effective 23rd August
Member equity bank ( ME) No Decision Yet
RAMS -0.25% effective 12th August
NAB -0.25% effective 12th August
St George Bank -0.25% effective 19th August
Suncorp Bank -.025% effective 26th August
Westpac -0.28% effective 19th August

 

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