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Monthly Archives: July 2019

Did your bank pass on the full 0.50% RBA rate cuts in June & July ???

July 5, 2019 in Insider Tips, Latest News, Rate Cuts

 

Many banks were quick to advertise & announce how good they were to pass on the full 0.25% p.a. RBA rate cut in June 2019.

Not surprisingly many of these same banks were making far less noise when they held back from passing on the full 0.25% p.a. rate cut announced by the RBA in July 2019. (i.e. total 0.50% rate cut over 2 months).

Below is a list of the  Banks & their combined interest rate reductions for the months of June and July 2019.

 

Bank:

  

Rate Reduction June:

  

Rate Reduction July:

  

Total:
Macquarie 0.25% p.a. 0.20% p.a. 0.45% p.a.
ING 0.25% p.a. 0.20% p.a. 0.45% p.a.
Auswide Bank 0.25% p.a. 0.25% p.a. 0.50%p.a.
ME Bank 0.25% p.a. 0.15% p.a. 0.40% p.a.
AMP Bank 0.25% p.a. TBA  
CBA 0.25% p.a. 0.19% p.a. 0.44% p.a.
BankWest 0.25% p.a. 0.19% p.a. 0.44% p.a.
NAB 0.25% p.a. 0.19% p.a. 0.44% p.a.
Bank Australia 0.25% p.a. 0.16% p.a. 0.41% p.a.
Bank of Qld 0.25% p.a. 0.15% p.a. 0.40% p.a.
AFG 0.25% p.a. Pending  
Citibank 0.25% p.a. Pending  
IMB Bank 0.25% p.a. Pending  
RACQ 0.25% p.a. 0.25% p.a. 0.50% p.a.
Pepper 0.25% p.a. Pending  
Westpac 0.20% p.a. 0.20% p.a. 0.40% p.a.
St George 0.20% p.a. 0.20% p.a. 0.40% p.a.
RAMS 0.20% p.a. 0.20% p.a. 0.40% p.a.
Bendigo Bank 0.20% p.a. Pending  
Suncorp 0.20% p.a. 0.19% p.a. 0.39% p.a.
Heritage 0.20% p.a. TBA  
ANZ 0.18% p.a. 0.25% p.a. 0.43% p.a.
CUA 0.15% p.a. 0.17% p.a. 0.22% p.a.

Down they go yet again !!!

July 2, 2019 in Insider Tips, Latest News, Rate Cuts

 

The predictions of many of Australia’s Senior Economists were confirmed this afternoon as the Reserve Bank voted to reduce the Official Cash Rate yet again to an amazingly low 1.00%.

The Federal Treasurer (Josh Frydenberg) has already commenced his efforts to encourage the banks to pass on this additional 0.25% p.a. rate cut in full.

Is your bank charging you more than they need to ???