ANZ Drops Variable Rates By the Full Amount

ANZ announced today that they will pass on the full variable rate cut of 0.25% for May 2015 after the RBA’s decision to reduce interest rates by 0.25%. Obviously, the funding pressures are not as relevant as the Commonwealth Bank’s announcement to only pass on 0.20% of the interest rate cut.

The new variable interest rate reduction will be passed onto consumers on the 8th May and applies to most of their variable rate products.

To see how other lenders are responding and the dates they will reduce their rates – Lender interest rate reduction and date

Compare ANZ Bank Home Loans – rates will be updated by 8th May

To compare home loans and investment click the button below

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Commonwealth Bank Reduces Variable Interest Rates by 0.20%

The first major bank came out with their decision on interest rates, the Commonwealth Bank of Australia (CBA), have reduced their variable home loan and investment loan interest rates by 0.20%. This is less than the 0.25% recommended by the Reserve Bank of Australia.

The 0.20% interest rate reduction will take affect on the 13th May 2015. It applies to the following products.

  • – Standard Variable Rate Home Loans
  • – Veridian Line of Credit Loans
  • – No fee variable rate loan
  • – Base variable loan

To see how other lenders are responding and the dates they will reduce their rates – Lender interest rate reduction and date

Compare Commonwealth Bank Home Loans – rates will be updated by 13th May

To compare home loans and investment click the button below

compare home laons

 

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Interest Rates Drop by 0.25% – Commonwealth Bank, ANZ, NAB,Westpac, ING

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

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Interest Rates On Hold For March 2015

It looks like interest rates are going to remain stable for the rest of the month.

At least half of economists argued that the RBA will reduce rates again and they might as well do it now to give the Australian economy a boost. Therefore, there is a good chance that interest rates may fall next month.

We will have to wait and see but with interest rates at a record low there are some great deals out there to be found.

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Interest Rates Down 0.25% – ANZ Commonwealth, NAB, ING, Westpac

 

BREAKING NEWS: 

ANZ for the last 2 years have broken their Friday interest rate review protocol and announced that they will reduce their variable interest rates by 0.25% effective February 12th

NAB also reduced rates today by 0.25%

Westpac slashes beyond rate cut by 0.28% effective 20th February 2015. RAMS, St George and Bank of Melbourne may do the same.

UPDATE: Commonwealth Bank first major to reduce their standard variable rate by 0.25%, effective 20th February 2015

The RBA announced this afternoon they have reduced the official cash rate by 0.25%.

It has been 18 months since interest rate have moved  and they are the lowest in 60 years.

We expect that lenders will announce their response over the coming days and we will keep you updated below.

If you have any questions feel free to contact us.

Below shows how much each lender passes on their home loan rates. Interest rates will be updated on our main website once each lender passes on the reduction.

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Interest Rates to Remain On Hold

Happy New Year!

It looks like interest rates are going to remain stable for the rest of the year with a bias for going southwards.

That being said, anything can happen between now and then but in the meantime the future looks like they will be stable.

The Reserve Bank of Australia has indicated that it would like to see our dollar drop further and they can manipulate this by reducing interest rates. Also, the Australian economy seems to be struggling at the moment with the sluggish Chinese economy significantly affecting commodity prices.

We will have to wait and see but with interest rates at a record low there are some great deals out there to be found.

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