Mortgage borrowers in Australia have breathed a sigh of relief, after the Reserve Bank of Australia reduced the cash rate by 0.25% when they met at the beginning of the month.
With various lenders announcing subsequent rate cuts, not all lenders have passed on the full 0.25% reduction. We are also yet to hear from some of the second tier, or non bank lenders as to what their interest rate movement will be.
We have a summary below of which lenders are doing what… if your lender is not listed it is because we have not been advised of rate changes as yet. Within the next week you should receive notification direct from your lender regarding your repayments.
If you are not satisfied with your current rate or lender, and would like us to review your current loan and provide a strategic lending report, designed specifically of you – please give us a call on 1300 76 22 68
To Your Financial Success,
Leah
WHAT HAVE THE LENDERS HAVE BEEN UP TO?
Post RBA Rate reduction last Tuesday, here is what the following lenders have been up to…
Adelaide Bank
0.25% Reduction
AMP
0.25% Reduction
ANZ
0.25% Reduction
ANZ has announced that it will apply the full 0.25% decrease to its VARIABLE rate mortgages. EFFECTIVE Monday 14th November 2011
BankWest
0.25% Reduction
Commonwealth
The Commonwealth Bank of Australia was the second major to move, reducing its standard variable rate from 7.81 per cent to 7.56 per cent.Citibank
FASTLend
0.20% Reduction
FirstMac
0.25% Reduction
Homeside
0.20% Reduction
ING
will decrease its variable interest rates on residential home loans by 0.25% p.a. effective from 7 November 2011.
NAB
0.20% Reduction
National Finance Club
0.25% Reduction
St George
-0.25% Reduction
Suncorp
0.25% Reduction
Westpac
Westpac was the first of the majors to move, officially cutting its standard variable home loan rate by 25 basis points to 7.61 per cent per annum at 2:47pm
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