Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 1.50% to 1.25%, NAB and Commonwealth Bank have decided to pass on the full interest cut off their variable rate lending by 0.25%. ANZ and Westpac have decided not to pass on the full amount and only pass on 0.18% and 0.20% respectively.
Interestingly, NAB were the first to make the announcement to reduced their variable home loan and investment loan interest rates by 0.25% while Westpac, CBA and ANZ were quick to follow.
Other lenders such as St George, Bank of Melbourne, Bank SA, and BOQ also reduced their rates by the prescribed amount.
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||-0.20% 28th June 2019|
|AMP||-0.25% 24th June 2019|
|ANZ||-0.18% 14th June 2019|
|Bank of Melbourne||-0.20% 18th June 2019|
|Bank of Queensland||-0.25% 25th June 2019|
|BankWest||-0.25% 25th June 2019|
|Citibank||-0.25% 25th June 2019|
|Commonwealth Bank||-0.25% 25th June 2019|
|ING Direct Bank||-0.25% 25th June 2019|
|ME Bank||-0.25% 27th June 2019|
|Heritage Bank||-0.20% 21st June 2019|
|NAB||-0.25% 14th June 2019|
|St George Bank||-0.20% 18th June 2019|
|Suncorp Bank||-0.20% 21st June 2019|
|Westpac||-0.20% 18th June 2019|
*This table will be updated as more rate cuts are announced. Cuts are for variable owner occupier rates only and won’t necessarily affect all of a lender’s products. Rates in the lowest offers column may not be available until the effective date.
If you have any questions about the announcement or interest rates, please feel free to contact us.
To view and compare current home loan and investment loans click the link below.