Banks Passing on the 0.25% Interest Rate Cut for August 2016

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UPDATE 3:15 pm: Commonwealth Bank (CBA) have only passed on 0.13% of the 0.25% rate cut. We expect other banks and lenders to follow their lead.

Not long after the Commonwealth Banks decision NAB, ANZ and Westpac have all reduced variable interest rates but not by the full amount. They are making their mortgage holders wait between 10 and 21 days from the date of the announcement before they pass on the rate cut.

We have observed in the past that when interest rates increase, the full 0.25% or more amount is passed onto consumers and they are increased within a week from the announcement.

Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 1.75% to 1.50%, the major banks and many other lenders have not made a decision as yet.

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 -0.10%  29th August
AMP -0.10%  22nd August
ANZ -0.12%  12th August
Bank of Melbourne -0.13%  23rd August
Bank of Queensland -0.15%  31st August
BankWest -0.10%  23rd August
Citibank -0.15%  23rd August
Commonwealth Bank -0.13%  19th August
ING Direct Bank -0.12%  15th August
ME Bank -0.10%  23rd August
Heritage Bank -0.10%  24th August
NAB -0.10%  19th August
St George Bank -0.14%  23rd August
Suncorp Bank -0.10%  24th August
Westpac -0.14%  23rd August

If you have any questions about the announcement or interest rates, please feel free to contact us.

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