Bank of Queensland First To Pass the Interest Rate Cut – BOQ

The Bank of Queensland announced today that they will pass on the full 0.25% interest rate cut but what’s the catch.

The catch is they will not reducing their interest rates until the 16th December and this will bring their standard variable rate to 7.36%.

Assuming that the other banks and lenders pass on the full rate cut there are much better offers.

If you would like to compare your mortgage to hundreds of other loans complete the contact form below to speak to one of  our licence mortgage brokers. A 0.25% difference on a mortgage of $300,000 will save you $750 yearly.


Interest Rates Cut by another 0.25%

The Reserve Bank of Australia cut interest rates from 4.50% to 4.25% today.

This may seem to be an early Christmas present for mortgage holders but there are rumors that the banks will not pass on the full rate cut. So here we go again. Let us wait and see what ANZ, NAB, Westpac, Commonwealth Bank, ING Direct and the other lenders do. As always we will keep you updated on the following in the next coming weeks;

– which banks passed on the full rate and those who did not
– when the banks will be passing on the interest rate cut. This usually ranges from 3 and 28 days
– new loan discounts for fixed and variable mortgage rates

The RBA are on holiday over the Christmas period and their next meeting is at February 2012.

If you have any questions about your home, investment or commercial loan please do not hesitate to contact us for free advice or go to our mortgage website.


Fixed Rate Home Loans Drop Below 6%

It came to our attention today that 2 year and 3 year fixed rate home loans and investment loans have dropped below 6%.

As discussed last week we saw a trend that fixed rates falling and now 3 year fixed rates have dropped below six percent.

These rates are available  from Australia’s most recognised lenders. To take advantage of this offer please contact one of our brokers by completing the form below. They will show you what type of fixed rate loan suits you lending needs.


Home Loan Interest Rate Specials

Since the last interest rate cut, home loan interest rates have come down. Fixed interest rates are also falling and for the first time in 2 years we see a 2 year fixed rate fall below 6%.

Below are some of the better interest rates from various lenders around Australia that include ANZ, NAB, Westpac, Commonwealth Bank, ING Direct, Bank West and many more.

Basic Variable – 6.66

Variable Offset – 6.55%

2 Year Fixed – 5.99%

3 Year Fixed – 6.20%

3 Year Fixed – Interest in Advance – 6.05%

5 Year Fixed – 6.39%

Low Doc –  6.66%

Line of Credit –  6.63%

If you would like to take advantage of speaking to one of our professional mortgage specialists to discuss which home loan or investment loan suits your needs please complete the form below.


Fixed Rate Loans Fall Below 6%

On Monday we will see some fixed rates loans go under six percent. This is a great opportunity for mortgage holders to take advantage of these super low rates if it suits them to do so.

Just over two years ago we saw some lenders offer fixed rates as low as 5.50% right after the global financial crisis and they did not stay there for long.

If you are looking to fix part or the whole of your mortgage feel free to contact on of our brokers by filling out the form below.


Home Loan Interest Rates – Banks Slow to Pass On Cut

Having been in the mortgage industry for just over 6 years I have seen home loan interest rates rise and fall. One of the most common observations is that banks are slower to pass on a rate cut compared to when interest rates rise.

The table below shows that there is a 24 day difference between banks passing on the interest rate cut. Commonwealth Bank was the quickest to pass on the recent rate cut 3 days after it was announced. The worst offenders are Bendigo Bank and Adelaide Bank making their customers wait until  the 28th November before they get some relief.

NAB are waiting intil the 11th to pass on the cut while ANZ and Westpac are letting their customer wait 2 weeks until they recieve relief. In a funny move BankWest are reducing their interest rates on the 14th of November but they are letting their Rate Tracker and Rate Tracker Ultra customers wait until the 18th. They say it is apart of their terms and conditions for these products.

Current Bank Interest Rates

Bank Rate Cut Effective date New Rate
Adelaide Bank/ Bendigo Bank -0.25% 28th Nov 7.55%
AMP -0.25% 11th Nov 7.57%
ANZ -0.25% 14th Nov 7.55%
Bank of Melbourne -0.25% 14th Nov 7.55%
BankWest -0.25 14th to 18th 7.45%
Citibank -0.25% 18th Nov 7.77%
Commonwealth Bank -0.25% 4th Nov 7.56%
Connective Home Loans -0.25% 7th Nov 7.57%
Homeside Lending -0.20% 11th Nov 7.45%
ING Bank -0.25% 7th Nov
Member equity bank ( ME) -0.25% 7th Nov 7.54%
Macqauire Bank -0.25% 21 Nov 7.55%
NAB -0.20% 11 Nov 7.47%
St George Bank -0.25% 14th Nov 7.55%
Suncorp Bank -0.25% 18th Nov 7.58%
Westpac -0.25% 14th Nov 7.61%

Please Note: The rates above are each banks standard variable rate. There are many other loans and discounts available from these lenders

Obviously, the strategy of delaying interest rate decreases and passing on rate increases quickly is all about profit making. All banks and non banks are guilty of this practice and there is not much the consumer do about it but vote with their feet.

If you are interested in getting a FREE HOME /INVESTMENT LOAN CHECK from an ASIC liscenced broker in your local area, feel free to complete the contact form below. They will compare your mortgage against hundreds or other loans to see if you are over paying on interest repayments and fees.

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