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.
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.
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.