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

 

GET MORE FROM YOUR HOME, INVESTMENT OR BUSINESS LOAN

If you are looking for a home loan or business loan we have qualified and ASIC licensed mortgage advisers to help you;

1. Find a competitive interest rate for commercial and home loans at no cost

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