Home loan interest rate cuts - December 2008

Update: Home Loan Interest Rates - February 2009

Reserve Bank of Australia (RBA) cut the official interest rate by 100 basis points to 4.25% at today's meeting. Another big cut and another big question - how much of the rate cut will be passed on to consumers by banks?

If retail banks pass on the rate cut in full, homeowners with an average $300,000 mortgage will see a further reduction of $193 off their monthly repayment.

The NAB and Commonwealth banks have already announced the full cut will be passed to borrowers, while Westpac has announced a 0.80 per cent cut for its customers.

Here at Rate Detective we will keep track of major banks and lenders home loan interest rate cuts to their customers and will provide the updates as soon as they appear.

Updated December 11, 2008:

Rate cut, % New Standard Variable Rate, % Effective from
Commonwealth Bank (CBA) 1.00 6.74 December 12
Westpac 0.80 6.91 December 8
ANZ 0.83 6.91 December 12
NAB 1.00 6.74 December 12
St George Bank 0.85 6.89 December 8
Bendigo Bank 1.00 6.80 December 12
BankWest 0.85 6.80 December 12
Suncorp 0.90 6.90 December 15
RAMS Home Loans 0.90 6.69 December 8
AMP Bank 0.88 6.99 December 19
ING Direct 1.00 6.79 December 19

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Published on December 12-nd, 2008 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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