Lenders Passing on the 0.25% Rate Cut for May 2016

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Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 2.00% to 1.75%, the major banks and many other lenders have decided to pass on the full interest rate cut of 0.25%.

Interestingly, NAB were the first to make the announcement to reduced their variable home loan and investment loan  interest rates by 0.25% while Westpac, CBA and ANZ were quick to follow.

Other lenders such as  St George, Bank of Melbourne, Bank SA, and BOQ also reduced their rates by the prescribed amount.

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% 30th May 2016
AMP -0.20% 23rd May 2016
ANZ -0.19% 13th May 2016
Bank of Melbourne -0.25% 23rd May 2016
Bank of Queensland -0.25% 18th May 2016
BankWest -0.20% 20th May 2016
Citibank No Announcement Yet
Commonwealth Bank -0.25% 20th May 2016
ING Direct Bank -0.25% 20th May 2016
ME Bank -0.25% 16th May 2016
Heritage Bank -0.20% 23rd May 2016
NAB -0.25% 16th May 2016
St George Bank -0.25% 23rd May 2016
Suncorp Bank -0.25% 25th May 2016
Westpac -0.25% 23rd May 2016

 

If you have any questions about the announcement or interest rates, please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

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