Interest Rates Drop by 0.25% – Commonwealth Bank, ANZ, NAB,Westpac, ING
May 5, 2015
ANZ, Bank of Queensland, BankWest, Commonwealth Bank, Home Loans, ING Direct, Interest Rates, NAB, St George, Suncorp, variable interest rate
by Administrator
The Reserve Bank of Australia (RBA) announced that it will move the official cash rate from 2.25% to a new record low of 2%.
In a close call among economists, the RBA drop rates to stimulate the Australian economy and to put downward pressure on the Australian dollar.
It is expected that Australia’s home loan lenders will drop their variable interest rates by 0.25% easing the monthly repayment made by borrowers.
We will keep you updated on how much and the major lenders are going to reduce their interest rates with our trusty interest rate table.
| Current Bank Interest Rates | Rate Cut and Date |
| Adelaide Bank / Bendigo Bank | -0.20% 25th May 2015 |
| AMP | -0.20% 22nd May 2015 |
| ANZ | -0.25% 8th May 2015 |
| Bank of Melbourne | -0.20% 18th May 2015 |
| Bank of Queensland | -0.20% 26th May 2015 |
| BankWest | -0.17% 19th May 2015 |
| Citibank | No Announcement Yet |
| Commonwealth Bank | -0.20% 13th May 2015 |
| ING Direct Bank | -0.25% 18th May 2015 |
| Member equity bank ( ME) | -0.25% 22 May 2015 |
| RAMS Home Loans | -0.20% 22nd May 2015 |
| NAB | -0.20% 13th May 2015 |
| St George Bank | -0.20% 18th May 2015 |
| Suncorp Bank | -0.20% 15th May 2015 |
| Westpac | -0.22% 18th May 2015 |
To keep up to date with all of Australia’s major lenders click the button below and compare interest rates
Update for you – ANZ dropped by 0.25%