RBA Hold Interest Rates while Banks Hike Them

mortgage-rates-up1-300x225UPDATE: 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.

You can compare property investment loans at our mortgage comparison pages.

If you are looking for a home loan deals for owner occupied properties go to our compare home loans page.

compare home laons

 

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