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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