Rates Down by 0.5% – What Will the Banks Do?

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 0.06% just after Easter.

I can guarantee that all the banks will not pass on the full rate cut. We will keep you updated on what each lender does to preserve their profits.

If you are un happy with your lender feel free to submit a mortgage quote and one of our expert loan consultants can find you a competitive interest rate.