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
ANZ announced late this afternoon that they will be increasing their variable home loan mortgage rates by 0.06%. ANZ claimed higher funding costs as a result for the increase. This will add approximately $100 a year to a $300,000 home loan. Typically the other banks have followed when one lender increases interest rates. We will Read More
Late Friday afternoon Westpac Bank increased its standard variable rate loans by 0.10% following ANZs increase of 0.06% We are now waiting for NAB and Commonwealth Bank to make their decision. We will keep you updated. If you are tired of the major banks increasing interet rates please speak to one of our mortgage brokers Read More
In a not so surprise move today, ANZ have increased their variable rate by 0.06% for home and business loans. This puts ANZs standard variable rate for home loans on par with Westpac but higher than Commonwealth Banks and NAB. NAB earlier this week announced that they will have the lowest standard variable rate amongst the big Read More
In a shock move the Reserve Bank of Australia have left interest rates on hold for February. Economists are scratching their heads as 24 out of 27 predicted that rates would fall to 4.00% from 4.25%. Retailers are also disappointed as they thought that a reduction in rates would lead to greater consumer spending. There Read More
We all know the news that all banks and smaller lenders have passed on the full 0.25% rate cut. The question is, when will they pass it on? As mentioned in an earlier post lenders are quick to pass on interest rate increases but slow to pass on interest rate decreases. Below is a table comparing Read More