The Reserve Bank of Australia announced today that the official cash rate will be increased by 0.25% to 4.00%.
Borrowers around Australia are anxious to to receive news from their own Banks / Lenders to confirm if their Interest Rate increase will be restricted to 0.25% p.a., or will the profit taking tendencies of the past prove to be too tempting for the Banks.
Given that Smaller Banks, Building Societies, Credit Unions and Mortgage Managers are once again creating greater competition in the market place for the Major Banks, it would be a brave move indeed for the “Big 4” to take on the patience of their own customers.
Listed below are the Interest Rate changes which have been advised by Banks / Lenders following the RBA announcement.
Bank / Lender:
CBA – 0.25% p.a. increase effective 5/3/2010
ANZ – 0.25% p.a. increase effective 5/3/2010
St George – 0.25% p.a. increase effective 5/3/2010
NAB – 0.25% p.a. increase effective 5/3/2010
Westpac – 0.25% p.a. increase effective 5/3/2010
Macquarie Bank – 0.25% p.a. increase effective 5/3/2010
BankWest – 0.25% p.a. increase effective 5/3/2010