October Interest Rates Down 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp

Update 12th October 2012: ANZ announces a 0.20% drop in their variable rate 0.05% short of the full rate decrease

Rates announces by AMP, Bank West, Bank of Melbourne and Bendigo Bank. Adelaide bank will not pass on the rate cut until the 26th October making their customers pay the higher interest rate for 24 days after the rate cut was announced.

Friday 5th October NAB and Commonwealth Bank ( CBA ) announced that they will drop variable interest rates by 0.20%. Westpac are only dropping their rates by 0.18%. We are still waiting on ANZ and many other lenders make their decision.

Thursday 4th October ING reduces rates by the full 0.25%

Tuesday BOQ reduces rates by 0.20%

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank -0.20%
AMP -0.17%
ANZ -0.20%
Bank of Melbourne -0.20%
Bank of Queensland -0.20%
BankWest -0.19%
Citibank No Decision Yet
Commonwealth Bank -0.20%
Homeside Lending -0.20%
ING Direct Bank -0.25%
Member equity bank ( ME) -0.20%
RAMS No Decision Yet
NAB -0.20%
St George Bank -0.17%
Suncorp Bank -0.19%
Westpac -0.18%

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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Interest Rate Cut – Bank of Queensland Shows its Hand

Within hours after the RBA cut interest rates by 0.25% the Bank of Queensland ( BOQ ) reduce their variable interest rate by 0.20%.

This could be an omen as this might be the trigger for the major banks not to pass on the full rate cut to its mortgage holders.

Research from the Herald Sun has found that over the last 12 months the Reserve Bank of Australia has cut interest rates by 1.5% and the major banks have only two thrids of this amount to its consumers. ANZ have passed on 1%, Commonwealth Bank – 1.01%, NAB – 0.89 and Westpac – 0.97%.

Smaller banks and other lender have not been that much different to the major banks. As always I will keep you up to date with how the banks will move on interest rates in the coming days.

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Australian Interest Rates Cut to 3.25%

In a move requested by many of those in the retail sector the RBA have reduced the variable cash rate to 3.25% from 3.5%.

This is welcome relief for business’ and mortgage holders as the Australian economy appears to be slowing.

Interest rate cuts announced by the RBA are not always passed on by the banks. Westpac, Commonwealth Bank, NAB and ANZ have not passed on the rate cuts in full this year and I expect them to do the same again. Some commentators say there is no reason for the banks not to pass on the full rate cut but we will have to wait and see.

I will keep you updated on how much the banks reduce their interest rates for variable rate mortgage holders as they are announced coming weeks.

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June Interest Rates Down 0.25% – ANZ, Westpac, CBA, NAB, ING

UPDATE: ING reduce interest rates by 0.20% and ANZ just announced rates reduced by 0.25%, NAB by 0.21% and Commonwealth Bank 0.21%. Check below for latest updates

The Reserve Bank of Australia announced a 0.25% official interest rate cut, down to 3.50%. We will have to wait and see how the major banks; Commonwealth Bank, ANZ, NAB and Westpac, reduce their interest rates.

As a guide the Bank of Queensland reduced rates by 0.20% so we can expect the majors and second tier lenders not to pass on the full rate cut.

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 No Decision Yet
AMP -0.20%
ANZ -0.25%
Bank of Melbourne -0.19%
Bank of Queensland -0.20%
BankWest -0.20%
Citibank No Decision Yet
Commonwealth Bank -0.21%
Homeside Lending -0.21%
ING Direct Bank -0.20%
Member equity bank ( ME) -0.16%
RAMS -0.21%
NAB -0.21%
St George Bank -0.18%
Suncorp Bank -0.20%
Westpac -0.20%

 

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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%

 

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.

 

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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.

 

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