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.

GET MORE FROM YOUR HOME OR BUSINESS LOAN

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.

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.

Recent low inflation figures have prompted economists to predict that the Reserve Bank of Australia are likely to reduce interest rates next week.

Unfortunately, the reduction of home loan and business interest rates are subject to the Banks passing on the interest rate cut. Most are predicting that the banks will only pass on a fraction of the rate cut if anything at all.

We will keep you updated on how much the major banks and the smaller lenders pass on the interest rate cut. We will also show you which lenders offer the most competitive rates.

If you are currently looking for a home or business loan feel free to contact one of our mortgage consultants. They can help you keep up to date with recent interest rate changes and the most competitive deals.

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%

 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 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.

Yesterday afternoon Bank of Queensland (BOQ) raised their variable interest rates by 0.10%.

This was a passing note in the news and there was no politician or media backlash against the move. It seems the major banks are an easy target. That being said rate increases from any lender is a kick in the face to any Australian borrower.

I feel we will hear from the majors on Friday after ANZ have their review. For now it is a waiting game and we will know where most lenders are heading by mid next week.

Today the RBA left interest rates at 4.25% but there are some murmurings that the major banks are going to lift rates again.

It will be interesting to see who pulls the trigger first. ANZ  took the brunt of the criticism last month when they announced the increase before all others. However, they increased their variable rate less that all of the other majors.

It will be interesting to see what the banks will do this time round but we may expect an increase.

Late Friday afternoon Westpac Bank increased its standard variable rate loans by 0.10% following ANZs increase of 0.06%

We are now waiting for NAB and Commonwealth Bank to make their decision.

We will keep you updated.

If you are tired of the major banks increasing interet rates please speak to one of our mortgage brokers for alternate options

In a not so surprise move today, ANZ have increased their variable rate by 0.06% for home and business loans.

This puts ANZs standard variable rate for home loans on par with Westpac but higher than Commonwealth Banks and NAB.

NAB earlier this week announced that they will have the lowest standard variable rate amongst the big four.

There are hundreds of home loan products and it seems the major banks no longer offer the most competitive rates. To find out more complete the form below and find out what offers our brokers can find you.