Yesterday saw ANZ to be the first of the big banks to pass on the full interest rate cut to its variable rate customers. Later that day NAB, ING Direct and Commonwealth Bank followed. Westpac waited until the evening to announce their intention. I expect all the second tier banks and other lenders to follow. Read More
NAB announced that it will pass on the full 0.25% rate cut to its customers following ANZ earlier today. We are now waiting on the two other major banks and 30 or so other lenders to make their announcements. We will also keep you updated on when they will be passing on these rate cuts. If you Read More
The Reserve Bank of Australia cut interest rates from 4.50% to 4.25% today. This may seem to be an early Christmas present for mortgage holders but there are rumors that the banks will not pass on the full rate cut. So here we go again. Let us wait and see what ANZ, NAB, Westpac, Commonwealth Bank, ING Read More
Since the last interest rate cut, home loan interest rates have come down. Fixed interest rates are also falling and for the first time in 2 years we see a 2 year fixed rate fall below 6%. Below are some of the better interest rates from various lenders around Australia that include ANZ, NAB, Westpac, Read More
Having been in the mortgage industry for just over 6 years I have seen home loan interest rates rise and fall. One of the most common observations is that banks are slower to pass on a rate cut compared to when interest rates rise. The table below shows that there is a 24 day difference between banks Read More
Update: ANZ reduces its variable mortgage rates by 0.25% and in a surprise NAB reduces rates by 0.20%. Despite not passing on the full interest rate cut NAB still has the lowest standard variable rate amongst the big four banks. As predicted interest rates were reduced by 0.25% yesterday giving borrowers a reprieve before Christmas. Read More