Commonwealth Bank Reduces Mortgage Interest Rates

The Commonwealth Bank announced that it will reduce its fixed home loan rates as of today.

The media has largely been reporting this as a great positive for Commonwealth Bank customers but the reality is that many other lenders have reduced their fixed rate mortgages too.  In reality, you are likely to find fixed loans at a better price than CBA.

If you are looking to take advantage of a fixed rate home loan feel free to contact one of our mortgage brokers to assess your options via our home loan quotes page.



May 2012 Interest Rate Cut – CBA NAB ANZ Westpac

Update 14th May: ANZ reduce rates by 0.37% and AMP by 0.35%. We will also include their increase or 0.06% mid last month resulting in a net decrease of 0.31%

Update 4th May: Bank West reduce rates by 0.32%. and Westpac by 0.37%. More below

Update 3rd May: ING reduce rates by 0.30%. See other lenders in table below.

Update 1: Commonwealth Bank (CBA) reduced rates by 0.40%, NAB by 0.32%. Waiting on Westpac and other lenders. ANZ will make their decision next Friday.

The Reserve Bank of Australia reduced rates by 0.5%. It seems that each bank and lender will issue their interest rate decision in the coming days or weeks.

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 -0.35%
AMP -0.35%
ANZ -0.37+0.06= 0.31%
Bank of Melbourne -0.41%
Bank of Queensland -0.35%
BankWest -0.32%
Citibank No Decision Yet
Commonwealth Bank -0.40%
Homeside Lending -0.32%
ING Bank -0.30%
Member equity bank ( ME) -0.30%
RAMS -0.32%
NAB -0.32%
St George Bank -0.38%
Suncorp Bank -0.35%
Westpac -0.37%



If you are looking for a home loan or business loan we have qualified and ASIC licenced mortgage brokers to help you;

1. Find a competitive interest rate for commercial and home loans

2. Show you all the costs and fees associated with your loan

2. Show you how to beat the banks

3. Do all the paper work for you and process your loan quickly

For more information go to our home loan or commercial loan websites.



Interest Rate Cut – All signs show Banks wont pass on the full amount

Bank of Queensland (BOQ) gave us the first indication that the Banks will not pass on the full interest rate cut after the Reserve Bank of Australia cut interest rates by 0.5%.

BOQ announced yesterday that they will only be passing on 0.35% of the 0.50% stating the usually higher costs of funding.

ANZ will make their decision Friday week, but it is almost certain that Commonwealth Bank, NAB and Westpac will not reduce their interest rates by the full half percent.

Smaller lenders such as ING, St George, Bank West, RAMS and many other lenders require funding from the major banks they too will follow the majors.

We will keep you updated on what these lenders will do in the coming days.



Rates Down by 0.5% – What Will the Banks Do?

The Reserve Bank today cut the variable base interest rate by 0.5% amid a slowing economy.

Now the next question is what will the major banks do. Commonwealth Bank, ANZ, NAB and Westpac have indicated that they will review their home loan and business loan rates each month and we have seen ANZ increase rates by 0.06% just after Easter.

I can guarantee that all the banks will not pass on the full rate cut. We will keep you updated on what each lender does to preserve their profits.

If you are un happy with your lender feel free to submit a mortgage quote and one of our expert loan consultants can find you a competitive interest rate.


Home Loan Interest Rates Likely to Fall Next Month

Recent low inflation figures have prompted economists to predict that the Reserve Bank of Australia are likely to reduce interest rates next week.

Unfortunately, the reduction of home loan and business interest rates are subject to the Banks passing on the interest rate cut. Most are predicting that the banks will only pass on a fraction of the rate cut if anything at all.

We will keep you updated on how much the major banks and the smaller lenders pass on the interest rate cut. We will also show you which lenders offer the most competitive rates.

If you are currently looking for a home or business loan feel free to contact one of our mortgage consultants. They can help you keep up to date with recent interest rate changes and the most competitive deals.


ANZ Increase Interest Rates – Time to Refinance You Home Loan?

ANZ announced late this afternoon that they will be increasing their variable home loan mortgage rates by 0.06%.

ANZ claimed higher funding costs as a result for the increase. This will add approximately $100 a year to a $300,000 home loan.

Typically the other banks have followed when one lender increases interest rates. We will just have to wait and see what Westpac, NAB and the CBA do in the coming days.

I feel consumers are becoming increasingly impatient with the banks increasing rates and will begin to look elsewhere  to refinance their home loans.

If you would like to contact a mortgage consultant to help you find a suitable loan to either refinance or to purchase a new property please complete the form below.

Variable Rates from 6.35% and Fixed Rates Under 6.00%

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