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.
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|
|St George Bank||0.85||6.89||December 8|
|Bendigo Bank||1.00||6.80||December 12|
|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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