Variable Interest Rates Down By 0.25% – ANZ CBA NAB Westpac ING Suncorp Banks

UPDATE 2 – 7/5/13 @ 5:20 pm: Commonwealth Bank and Westpac will also reduce their variable mortgage rates by 0.25%. We will have to wait until Friday for ANZs decision. I expect St George Bank, Bank of Melbourne, Bank SA and RAMS all to follow their owner Westpac. Check below for more changes.

UPDATE 7/5/13 @ 4:01 pm: NAB, ING Direct and Bank of Queensland have all reduced their home loan variable rates by 0.25% in line with the RBA

Today the Reserve Bank of Australia announced that variable interest rates are to drop by 0.25% in an effort to stimulate the economy.

Historically, 2.75% is the lowest interest rates have been ever. As inflation remains low the RBA is looking to stimulate the housing market and retail sector.

The major banks have no excuse not to pass on the full rate cut as they posted profits recently. We will keep an eye on the major banks – ANZ, Westpac, Commonwealth Bank (CBA) and NAB to see how they react to the recent decision. Normally their actions affect how other lenders reduce their rates.

Current Bank Interest Rates Rate Cut Effective Date
Adelaide Bank/ Bendigo Bank -0.25%  May 27th
AMP -0.25  May 24th
ANZ -0.27%  May 17th
Bank of Melbourne -0.25%  May 17th
Bank of Queensland -0.25%  May 24th
BankWest -0.25%  May 20th
Citibank -0.25%  May 20th
Commonwealth Bank -0.25%  May 13th
Homeside Lending -0.25%  May 13th
ING Direct Bank -0.25%  May 17th
Member equity bank ( ME) -0.25%  May 28th
RAMS -0.25%  May 13th
NAB -0.25%  May 13th
St George Bank -0.25%  May 20th
Suncorp Bank -0.25%  May 24th
Westpac -0.25%  May 20th

 

We will keep you updated on current variable  interest rate reductions. If you have any questions regarding this announcement and how it impacts on your circumstances,  feel free to submit a mortgage quote.

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