Westpac, ING Direct, ME Bank Interest Rate Announcements

After the Reserve Bank of Australia decided to reduce variable interest rates by 0.25% on Tuesday these lenders are also reducing their home loan and investment loan variable interest rates.

Westpac like the NAB and the Commonwealth Bank decided not to pass on the full interest rate cut and reduced their variable home loan and investment loan rates by 0.22% effective 18th May.

ME Bank will reduce their variable interest rates by 0.25% effective 22nd May 2015. You can compare ME Bank variable loans

ING Direct also announced that it will be reducing their interest rates for residential and commercial property loans by 0.25% on the 18th May. You can compare ING Direct home loans here

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

To compare home loans and investment loans click the button below

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NAB Partial Variable Rate Cut May 2015

Similarly to Commonwealth Bank, the NAB announced today that they will pass on part of the variable rate cut by 0.20% for May 2015

The new variable interest rate reduction will be passed onto consumers on the 13th May and applies to most of their  home loan and investment loan 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 NAB Home Loans – rates will be updated by 13th May

To compare home loans and investment click the button below

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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

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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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