Home loan interest rates - April 2009

Update: Check up-to-date Home Loan Interest Rates after RBA meeting in October 2009

RBA Meeting April 2009

The Reserve Bank of Australia (RBA) today cut official interest rates by 25 basis points to 3.00% giving homeowners a boost as Australia's jobs outlook continues to look more grim.

Many economists had predicted no change before this afternoon's announcement. This today is the lowest cash rate since March 1960. The RBA has chopped 425 basis points since September in an effort to keep the economy from slipping into reverse gear.

As always the biggest question is will banks pass the interest rate cut to the consumers in full? The earlier comments from the banks suggest that banks are reluctant to pass more cuts to their customers. Today's 25-basis-point cut, if passed along in full by the banks, will take $46 off the monthly repayment on a $350,000 loan over 25 years.

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

Updated April 20, 2009:

Bank Current Standard Variable Rate, % Rate cut, % New Standard Variable Rate, % Effective from
Commonwealth Bank (CBA) 5.74 0.10 5.64 April 17
Westpac 5.91 0.10 5.81 April 20
ANZ 5.91 0.10 5.81 April 17
NAB 5.74 0.00 5.74 -
St George Bank 5.89 0.10 5.79 April 17
Bendigo & Adelaide Bank 5.90 0.00 5.90 -
BankWest 5.80 0.10 5.70 April 20
Suncorp 5.90 0.10 5.80 April 20
RAMS Home Loans 5.69 0.10 5.59 April 17
AMP Bank 5.99 0.10 5.89 April 23
ING Direct 5.79 0.10 5.69 April 17

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Published on April 4-th, 2009 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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