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Banks Response to RBA Rate Cuts

December 4, 2012 in Insider Tips, Latest News, Rate Cuts by admin  |  Comments Off on Banks Response to RBA Rate Cuts

 

On the 4th of December the Reserve Bank of Australia announced that the Official Cash Rate would be reduced by 25 basis points (0.25%) to the lowest level since the peak of the Global Financial Crisis (3.00%).

Attached below is the summary of the Interest Rate cuts announced by the Banks following the RBA announcement (updated daily). 

Lender Interest Rate   Reduction New Variable Interest   Rate New Variable Interest Rate New Variable Interest Rate
Loan Amounts  $300K –    $500K Loan Amounts  $500K –    $700K Loan Amounts         > $700K
 (including ongoing discounts)  (including ongoing discounts)  (including ongoing discounts)
Adelaide Bank  0.20% 5.71% 5.71% 5.71%
ANZ  0.20% 5.80% 5.80% 5.70%
Bankwest  0.25% 5.64% 5.64% 5.54%
Bendigo  TBA
BOQ  0.20% 5.86% 5.86%  5.86%
Citibank  0.20% 5.49% 5.44%  5.44%
CBA  0.20% 5.80% 5.80%  5.70%
Heritage  0.20% 5.44% 5.44%  5.44%
Homeside  0.20% 5.55% 5.49%  5.49%
ING  0.25% 5.48% 5.38%  5.38%
Macquarie  0.20% 5.54% 5.54%  5.54%
ME Bank  0.20% 5.88% 5.88%  5.88%
NAB  0.20% 5.68% 5.68%  5.68%
St George  0.20% 5.67% 5.67%  5.59%
Suncorp  0.20% 5.59% 5.59%  5.49%
RAMS  0.19% 5.70% 5.70%  5.65%
The Rock Building Society  0.20% 5.69% 5.69%  5.69%
Westpac  0.20% 5.81% 5.61%  5.61%
Comparison Rates are available on the Banks websites
Posted in Insider Tips, Latest News, Rate Cuts.