Interest Rate Decision Reserve bank of Australia

Today the Reserve Bank of Australia will most likely reduce interest rates to 3.00%, the equal lowest level in history.

Most economists agree that the Australian economy is in need of stimulation and retailers are in need for a good Christmas after a sluggish year.

For those with home loans we can expect the Banks and other  mortgage providers not to pass on the full variable rate cut.

We will keep you updated on the RBA’s decision and how the lenders follow.

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Melbourne Cup Day Interest Rates On Hold

Today the Reserve Bank of Australia announce that they will leave interest rates on hold. I won’t go into the reasons why they decided to leave rates on hold because you can read it on their website.

This does not mean to say that some lenders may not change their interest rates. I will keep you updated with any surprise changes.

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank No Decision Yet
AMP No Decision Yet
ANZ No Decision Yet
Bank of Melbourne No Decision Yet
Bank of Queensland No Decision Yet
BankWest No Decision Yet
Citibank No Decision Yet
Commonwealth Bank No Decision Yet
Homeside Lending No Decision Yet
ING Direct Bank No Decision Yet
Member equity bank ( ME) No Decision Yet
RAMS No Decision Yet
NAB No Decision Yet
St George Bank No Decision Yet
Suncorp Bank No Decision Yet
Westpac No Decision Yet

If you need help with refinancing or for a new purchase please contact one of our mortgage consultants to assess which lenders suit your needs

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October Interest Rates Down 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp

Update 12th October 2012: ANZ announces a 0.20% drop in their variable rate 0.05% short of the full rate decrease

Rates announces by AMP, Bank West, Bank of Melbourne and Bendigo Bank. Adelaide bank will not pass on the rate cut until the 26th October making their customers pay the higher interest rate for 24 days after the rate cut was announced.

Friday 5th October NAB and Commonwealth Bank ( CBA ) announced that they will drop variable interest rates by 0.20%. Westpac are only dropping their rates by 0.18%. We are still waiting on ANZ and many other lenders make their decision.

Thursday 4th October ING reduces rates by the full 0.25%

Tuesday BOQ reduces rates by 0.20%

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank -0.20%
AMP -0.17%
ANZ -0.20%
Bank of Melbourne -0.20%
Bank of Queensland -0.20%
BankWest -0.19%
Citibank No Decision Yet
Commonwealth Bank -0.20%
Homeside Lending -0.20%
ING Direct Bank -0.25%
Member equity bank ( ME) -0.20%
RAMS No Decision Yet
NAB -0.20%
St George Bank -0.17%
Suncorp Bank -0.19%
Westpac -0.18%

If you need help with refinancing or for a new purchase please contact one of our mortgage consultants to assess which lenders suit your needs

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ING Direct Cuts Rates by the Full Amount

Today ING Direct announced that they will pass on the full interest rate cut to 0.25% mortgage variable rate.

it will be interesting to see how the other banks will move as Bank of Queensland only passed on 0.20%.

We will keep you updated and provide a summary data table soon listing most of how they major lenders have moved on interest rates.

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Interest Rate Cut – Bank of Queensland Shows its Hand

Within hours after the RBA cut interest rates by 0.25% the Bank of Queensland ( BOQ ) reduce their variable interest rate by 0.20%.

This could be an omen as this might be the trigger for the major banks not to pass on the full rate cut to its mortgage holders.

Research from the Herald Sun has found that over the last 12 months the Reserve Bank of Australia has cut interest rates by 1.5% and the major banks have only two thrids of this amount to its consumers. ANZ have passed on 1%, Commonwealth Bank – 1.01%, NAB – 0.89 and Westpac – 0.97%.

Smaller banks and other lender have not been that much different to the major banks. As always I will keep you up to date with how the banks will move on interest rates in the coming days.

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Australian Interest Rates Cut to 3.25%

In a move requested by many of those in the retail sector the RBA have reduced the variable cash rate to 3.25% from 3.5%.

This is welcome relief for business’ and mortgage holders as the Australian economy appears to be slowing.

Interest rate cuts announced by the RBA are not always passed on by the banks. Westpac, Commonwealth Bank, NAB and ANZ have not passed on the rate cuts in full this year and I expect them to do the same again. Some commentators say there is no reason for the banks not to pass on the full rate cut but we will have to wait and see.

I will keep you updated on how much the banks reduce their interest rates for variable rate mortgage holders as they are announced coming weeks.

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