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More lenders pass on RBA rate cut

By Cameron Micallef · June 07 2019
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Borrow

More lenders pass on RBA rate cut

By Cameron Micallef
June 07 2019
Reading:
egg
egg
egg
RBA

More lenders pass on RBA rate cut

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By Cameron Micallef · June 07 2019
Reading:
egg
egg
egg
RBA

Following the Reserve Bank of Australia’s decision to slash already historic low rates by 25 basis points, more announcements have been released on how much mortgagors will save.

Following Tuesday’s announcement, the big four banks, as well as ME, Macquarie and ING have all announced a reduction in their mortgage rate.

The big four 

Australia’s four largest commercial banks Commonwealth, National Australia Bank, ANZ and Westpac have all passed on an interest rate cut.

Commonwealth Bank - CBA will pass on the full 25 basis point cuts from 25 June, applying it to standard variable, owner-occupied interest-only, investor principal and interest and investor interest-only loans.

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NAB - NAB also announced a 25 basis point cut, effective from 14 June. The cuts apply to owner-occupied principal and interest, investor principal and interest, owner-occupied interest-only and investor interest-only.

ANZ - ANZ has not passed on the full rate cut. Instead it will reduce interest rates by 18 basis points from 14 June.

However, ANZ has increased its term deposit rates to 2.35 per cent per annum for an 11-month term.

Westpac - Westpac has announced a 20 basis point reduction to its standard variable rates.

Outside the big four banks

ME Bank - ME today announced it will cut interest rates for all existing variable rate home loans by a further 0.25 per cent from 27 June.

Macquarie Bank- Macquarie Bank is passing on the full 25 basis point cut from Friday, 21 June.

ING - ING announced it was dropping the rate of its home loans by 17 basis points on May 30. 

Following the RBA’s rate cut, ING announced a further rate cut, passing on the full 25 basis points effective from 25 June.

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More lenders pass on RBA rate cut
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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