Update: Check up-to-date Home Loan Interest Rates after RBA meeting in October 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|
|St George Bank||5.89||0.10||5.79||April 17|
|Bendigo & Adelaide Bank||5.90||0.00||5.90||-|
|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|
APPLY for a new mortgage or refinance your current one.
Compare Home Loan rates
Compare latest home loan rates from over 30 major lenders. Apply and get FREE help with application paperwork.
Get personal insurance quotes from 15 major insurance companies
Get FREE quotes for Life Insurance, Income Protection Insurance, Trauma Cover or Total and Permanent Disability insurance. Receive a 20% cash rebate on your premiums if you apply through Rate Detective.
Save on Electricity or Gas
You can save on your Electricity and/or Gas by switching providers and there will be no interruptions to how you will be able to use electricity or gas. And of course, switching is free.
Compare Credit Cards
Are you looking for a brand new Credit Card or are you paying too much interest on your current one? Through the use of our credit card comparison tools, we'll ensure that you'll find the most suitable credit card to suit your needs.
Compare Savings Accounts
As managing your money becomes more important, it is important to find a savings account that offers a good mix of features and a high interest rate. Choose the best high interest rate savings account for you, and many banks will allow you to apply online.
Compare Travel Insurance
The latest addition to our panel of free services. Compare travel insurance quotes from over 10 different insurers and save on your Travel Insurance.