The Reserve Bank of Australia announced yet another massive interest rate reduction of 1% p.a.
The 6 Major Banks were quick to adhere to the governments request to pass on the full interest rate reduction to borrowers. Although Westpac & ANZ were expected to provide a larger rate reduction than their competitors as they have yet to pass on the full interest rate cut announced in December 2008.
The remaining lenders will make their announcements over the coming days.
To discover how much of the rate cut your Bank / Lender is passing on look below:
Bank / Lender: Interest Rate: Effective Date:
Citibank 1.20% p.a. 16/2/2009
Bank West 1.00% p.a. 5/2/2009
Rams (100% owned by WBC) 1.00% p.a. 9/2/2009
Westpac 1.00% p.a. 9/2/2009
ANZ 1.00% p.a. 13/2/2009
NAB 1.00% p.a. 13/2/2009
CBA 1.00% p.a. 13/2/2009
St George 1.00% p.a. 13/2/2009
Aussie 1.00% p.a. 13/2/2009
Homeside 1.00% p.a. 13/2/2009
AMP Banking 1.00% p.a. 15/2/2009
Heritage 1.00 % p.a. 20/2/2009
Suncorp 1.00% p.a. 23/2/2009
