UPDATE: ING DIRECT will increase variable interest rates on all residential loan products by 0.18% p.a. effective from 15 January 2016.
At yesterdays’s board meeting the Reserve Bank decided to leave the cash rate unchanged at the current low of 2.00%.
However, over the last few weeks the major banks and other lenders have been busy increasing their interest rates for owner occupier and investment home loans.
While the big banks copped all the negative publicity it seems a universal interest rate increase across all lenders.
In the table below I have summarised how much each lender had increased their interest rates and when they will pass this on to their consumers. While some lenders have not made announcements yet, I believe they will shortly or I cannot find a media statement saying they have increased their rates.
|Current Bank Interest Rates||Rate Cut and Date|
|Adelaide Bank||+.07 – 0.17% 20 Nov 2015|
|Bendigo Bank||+0.12% 20 Nov 2015|
|AMP||+0.18% 20 Nov 2015|
|ANZ||+0.18% 20 Nov 2015|
|Bank of Melbourne||+0.15% 20 Nov 2015|
|Bank of Queensland||+0.29% 10 Aug 2015|
|BankWest||+0.18% 17 Nov 2015|
|Citibank||No Announcement Yet|
|Commonwealth Bank||+0.15% 20 Nov 2015|
|ING Direct Bank||+018% 15 Jan 2016|
|Member equity bank ( ME)||No Announcement Yet|
|RAMS Home Loans||+0.15% 20 Nov 2015|
|NAB||+0.17% 12 Nov 2015|
|St George Bank||+0.15% 20 Nov 2015|
|Suncorp Bank||+0.16% 20 Nov 2015|
|Westpac||+0.20% 20 Nov 2015|
Where to From Here?
While these changes affect banks and non-banks in different ways there are discounts that still can be found.
If you are looking for a home loan deals for owner occupied properties go to our compare home loans page.