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 Read More
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 Read More
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 Read More
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 Read More