UPDATE 3:15 pm: Commonwealth Bank (CBA) have only passed on 0.13% of the 0.25% rate cut. We expect other banks and lenders to follow their lead. Not long after the Commonwealth Banks decision NAB, ANZ and Westpac have all reduced variable interest rates but not by the full amount. They are making their mortgage Read More
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 Read More
UPDATE: 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 Read More
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. Read More
After the Reserve Bank of Australia decided to reduce variable interest rates by 0.25% on Tuesday these lenders are also reducing their home loan and investment loan variable interest rates. Westpac like the NAB and the Commonwealth Bank decided not to pass on the full interest rate cut and reduced their variable home loan and Read More
Similarly to Commonwealth Bank, the NAB announced today that they will pass on part of the variable rate cut by 0.20% for May 2015 The new variable interest rate reduction will be passed onto consumers on the 13th May and applies to most of their home loan and investment loan variable rate products. To see how other Read More