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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