Home loan interest rate cuts - November 2008

Update: Home loan interest rate cuts - December 2008

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
Westpac 0.65 7.71 November 10
ANZ 0.58 7.74 November 14
NAB 0.62 7.74 November 10
St George Bank 0.62 7.74 November 14
Bendigo Bank 0.60 7.80 November 13
BankWest 0.60 7.65 November 10
Suncorp 0.61 7.80 November 10
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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Published on November 11-th, 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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