Lenders Passing on the 0.25% Rate Cut for May 2016
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.
