Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

More lenders pass on RBA rate cut

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.

Advertisement
Advertisement

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.

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

More lenders pass on RBA rate cut
RBA
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Anonymous - It is not a bias to get a refund of over-withheld taxes. For once, Australia has a better tax system in this respect than most of the rest of the world.....
Anonymous - This is all identity politics rubbish. Inasmuch as most families are dual income earners and as most women are not in high paying jobs for a variety.......
Margaret - Happy that I won't be around in 2060....
Anonymous - This "analysis" is misconceived and should get a fail in statistics. Men pay more tax because they work more. So they should get more relief. And,.......