Rates On Hold Until February 2017
Today the Reserve Bank of Australia has today announced that it has decided to keep the cash rate on hold at 1.5%. The RBA will not meet again until the first Tuesday in February 2017 so interest rates will remain stable until then.
However, some banks have been increasing their interest rates for specific products. See article Westpac and NAB Increase Variable Interest Rates. We expect that most lenders will follow Westpac and NAB lead in increasing interest rates but we will keep you updated as each lender makes an announcement.
UPDATED INTEREST RATE ANNOUNCEMENTS
NAB announced that it will increase it variable rate on property investment loans by 0.15% for new and existing customers. These changes will take affect next Monday on the 12th December.
From December 16, Westpac will increase its variable interest rates for owner occupied and investment rate by 0.08% for interest only loans. Westpac’s line of credit loans, equity access loan, will increase by 0.15%. We expect Westpacs subsidiaries St George, Bank of Melbourne, Bank SA and RAMS all to make similar adjustments to their interest rates.
ING Direct have announced that they will be increasing their variable interest rates on all residential home loan products for new and existing customers by 0.15% p.a. These changes will be effective from 12th December 2016.
UPDATE Friday 9th December
ANZ Bank will increase their Residential Investment Property Loan Index Rate (applicable to investors with a Standard Variable Residential Investment Loan) by 0.08% and ANZ Equity Manager interest rate effective 16th December.
There are no interest rate changes to ANZs Owner Occupier home loan customers and there is no change to Simplicity PLUS home or residential investment loans.Adelaide Bank and Bendigo Bank will increase their residential mortgage variable interest rate by 0.10% p.a., effective 15th December 2016.
UPDATE Tuesday 13th December
Commonwealth Bank will increase its investment home loan rates by 0.07% and VLOC (Veridian Line of Credit) by 0.15%. There no changes for owner occupied home loans, business loans and fixed rates.
| Current Bank Interest Rates | Rate Cut and Date |
| Adelaide Bank / Bendigo Bank | +0.10% 15th December |
| AMP | No Change Announced |
| ANZ | See Above |
| Bank of Melbourne | See above |
| Bank of Queensland | No Change Announced |
| BankWest | No Change Announced |
| Citibank | No Change Announced |
| Commonwealth Bank | See above |
| ING Direct Bank | +0.15% 12th December |
| ME Bank | No Change Announced |
| Heritage Bank | No Change Announced |
| NAB | See above |
| St George Bank | See above |
| Suncorp Bank | No Change Announced |
| Westpac | See above |
If you have any questions about the announcement or interest rates, please feel free to contact us.
To view and compare current home loan and investment loans click the link below.
If you are looking for a commercial loan or looking for a better deal please visit our commercial loans website.
