After Reserve Bank of Australia (RBA) cut official interest rate by unexpected 75 basis points to 5.25%, everybody's eyes are on banks - how much of the rate cut will be passed on to consumers?
If retail banks pass on the rate cut in full, homeowners with an average $300,000 mortgage will see a further reduction of $150 off their monthly repayment.
Banks have been slow to react to rate cuts and only Commonwealth Bank almost immediately announced the cut of 0.58 per cent to their standard variable home loan rate.
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 November 7, 2008:
|Rate cut, %||New Standard Variable Rate, %||Effective from|
|Commonwealth Bank (CBA)||0.58||7.74||November 10|
|St George Bank||0.62||7.74||November 14|
|Bendigo Bank||0.60||7.80||November 13|
|RAMS Home Loans||0.60||7.59||November 10|
|AMP Bank||0.75||7.87||November 16 (new customers)
November 17 (existing customers)
|ING Direct||0.55||7.79||November 18|
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