Interest Rates Down Today by 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp
UPDATE: NAB, Commonwealth Bank, BOQ and ING Direct drop home loan rates by 0.25%, Westpac by 0.28%
The Reserve Bank of Australia announced a 0.25% official cut to interest rates, down to 2.50%. The lowest in Australia’s history.
Although this is welcome news for variable interest rate home loan and other mortgage holders; however, it is not so good news for the state of Australia’s slowing economy as the RBA reduces rates to help pick up economic activity.
One of the major banks has made comments about the cost of lending rising so we will have to wait and see how the major banks; Commonwealth Bank, ANZ, NAB and Westpac, will reduce their interest rates.
Below shows how much each lender passes on the interest rate cut. Interest rates will be updated on our main website once each lender passes on the reduction.
| Current Bank Interest Rates | Rate Cut |
| Adelaide Bank/ Bendigo Bank | No Decision Yet |
| AMP | No Decision Yet |
| ANZ | -0.25% effective 16th August |
| Bank of Melbourne | -0.25% effective 19th August |
| Bank of Queensland | -0.25% effective 27th August |
| BankWest | -0.25% effective 19th August |
| Citibank | No Decision Yet |
| Commonwealth Bank | -0.25 effective 14th August |
| Homeside Lending | -0.25% effective 16th August |
| ING Direct Bank | -0.25% effective 23rd August |
| Member equity bank ( ME) | No Decision Yet |
| RAMS | -0.25% effective 12th August |
| NAB | -0.25% effective 12th August |
| St George Bank | -0.25% effective 19th August |
| Suncorp Bank | -.025% effective 26th August |
| Westpac | -0.28% effective 19th August |
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