Variable Interest Rates On Hold, Fixed are Falling

The RBA announced this afternoon they have decided to leave the official RBA cash rate unchanged. It looks like that rates will remain stable for some time yet according to many economists.

We expect that lenders will therefore leave their variable interest rates unchanged as well, but will be monitoring in case of any changes outside of the official rate.

We have noticed that many lenders such as ANZ, Commonwealth Bank, NAB, ING Direct and Westpac have been decreasing their fixed interest rates. There are some good bargains to be had if you are seeking a fixed rate loan.

If you require assistance in comparing and seeking a competitive variable or fixed rate loan feel free to contact us by clinking the button below

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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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ANZ cuts Variable Rates by 0.27%

ANZ decided to decrease their variable interest rate for home and investment loans by 0.27%  which is .02% more than the other banks.

I see on twitter and in news reports praising the bank for being generous. Let us not forget the bank has increased its margin by 0.49% since November 2010. So the 0.02% is nothing compared to what they have taken.

This is not to say the NAB, Westpac, Commonwealth Bank and many other lenders are any better as they have all been guilty of not passing on full rate cuts or increasing interest rates.

It is always best to check with a qualified mortgage consultant to see if you are getting the best deal on your mortgage by submitting a mortgage enquiry.

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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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