Which Banks are Passing on the Rate reduction

Posted by Simon Dehne on August 4, 2016 in Latest News with No Comments


Below is a list of which banks have announced rate cuts as 3rd August 2016

However, the lending market has become increasingly more complex, with some banks, not offering the same reductions for interest only loans.

For example, Westpac has announced  a rate reduction of 0.14% effective from the 23/8/16 for its variable rate home loan. However, if the loan is interest only the rate reduction is only 0.10%. So Westpac is actually holding back 0.05% of the rate reduction given by the RBA (Reserve Bank of Australia)…this is a little sneaky.

In our comparison site on our website, the rate reductions will only show the new rates once the new rates have taken effect.

My advice if you are in the market to purchase a new property or wanting to see if you can save money on your current loan, it is very wise to check what your bank will be offering as a result of this rate recent reduction.

Better still, why not use our comparison site and allow one of our brokers who have access to over 30 lenders to help you find the right deal for your circumstances.

Plus a number of banks are offering refinance specials where they will pay you money to transfer across…so it is wise to check. After all, will your bank tell you that another bank has a better deal.

 

Lender Rate cut
Effective date
Days after announcement
Australian Military Bank TBA TBA –
Adelaide Bank TBA TBA –
AMP TBA TBA –
ANZ 0.12% 12 August 10 days
Aussie Home Loans TBA TBA –
AusWide Bank TBA TBA –
B & E Personal Banking TBA TBA –
Bank Australia 0.25% 5 August 3 days
Bank of Melbourne 0.13% 23 August 21 days
Bank of Queensland TBA TBA –
Bank of Sydney 0.25% TBC –
bankSA 0.13% 23 August 21 days
BankVic TBA TBA –
Bankwest 0.10% 23 August 21 days
Beyond Bank TBA TBA –
Bendigo Bank TBA TBA –
Big Sky TBA TBA –
Catalyst Money TBA TBA –
Citibank TBA TBA –
Commonwealth Bank 0.13% 19 August 17 days
Community First Credit Union TBA TBA –
Community Mutual Group TBA TBA –
Credit Union SA TBA TBA –
CUA TBA TBA –
Easy Street TBA TBA –
Family First Credit Union TBA TBA –
First Option CU TBA TBA –
Firstmac TBA TBA –
G&C Mutual TBA TBA –
Gateway Credit Union TBA TBA –
Greater Bank TBA TBA –
Heritage Bank TBA TBA –
Homeloans.com.au TBA TBA –
Homestar Finance TBA TBA –
Horizon Credit Union TBA TBA –
HSBC TBA TBA –
Hume Bank TBA TBA –
Hunter United TBA TBA –
Illawarra Credit Union Home Loans TBA TBA –
IMB TBA TBA –
iMortgage TBA TBA –
ING DIRECT TBA TBA –
Liberty Financial TBA TBA –
Loans.com.au TBA TBA –
Macquarie Bank TBA TBA –
Maitland Mutual Building Society TBA TBA –
ME Bank TBA TBA –
Mortgage House TBA TBA –
MyRate TBA TBA –
MyState Financial TBA TBA –
NAB 0.10% 19 August 17 days
Newcastle Permanent Building Society TBA TBA –
Northern Beaches CU TBA TBA –
Northern Inland Credit Union TBA TBA –
Pacific Mortgage Group TBA TBA –
P&N Bank 0.26% (& Home Loan)0.25% (other loans) 26 August 24 days
People’s Choice Credit Union TBA TBA –
Pepper TBA TBA –
QLD Police Credit Union TBA TBA –
Qudos Bank (formerly Qantas Credit Union) TBA TBA –
Queensland Country Credit Union TBA TBA –
Queenslanders Credit Union TBA TBA –
RAMS TBA TBA –
Real Home Loans TBA TBA –
SCU TBA TBA –
St.George Bank 0.14% 23 August 21 days
State Custodians TBA TBA –
Suncorp 0.10% 24 August 22 days
Teacher’s Mutual Bank TBA TBA –
The Mutual TBA TBA –
UBank TBA TBA –
Western City Credit Union TBA TBA –
Westpac 0.14% 23 August 21 days
WSCU TBA TBA –
Yellow Brick Road TBA TBA –
Your Credit Union TBA TBA

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Interest Rates in Australia

RBA Cash Rate:

1.50%

Next RBA meeting:

2/05/2017

Last months RBA Decision

- 0.00

RBA Rate Change last 12 mths:

-0.50%


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