Home loan interest rates - February 2009

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

RBA Meeting February 2009

Update: At its meeting today, the Board decided to reduce the cash rate by a further 100 basis points, to 3.25 per cent, effective 4 February 2009.

The Reserve Bank of Australia (RBA) is going to meet tomorrow and decide on official interest rates.

Most economists are sure it will be another round of home loan interest rate cuts. A cut of 100 basis points which would bring our rate to a record low 3.25%. However, a bigger cut is also possible. In the most recent meetings, the RBA provided bigger cuts than expected.

As always the biggest question is will banks pass interest rate cut to the consumers in full? Homeowners with the average mortgage of $300,000 would see a further reduction of $195 off their monthly repayment in the case of 1% interest rate cut by banks.

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 February 9, 2009:

Company Current Standard Variable Rate, % Rate cut, % New Standard Variable Rate, % Effective from
Commonwealth Bank (CBA) 6.74 1.00 5.74 February 13
Westpac 6.91 1.00 5.91 February 9
ANZ 6.91 1.00 5.91 February 13
NAB 6.74 1.00 5.74 February 13
St George Bank 6.89 1.00 5.89 February 13
Bendigo & Adelaide Bank 6.80 0.90 5.90 February 16
BankWest 6.80 1.00 5.80 February 20
Suncorp 6.90 1.00 5.90 February 23
RAMS Home Loans 6.69 1.00 5.69 February 9
AMP Bank 6.99 1.00 5.99 February 13
ING Direct 6.79 1.00 5.79 February 16

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Published on February 2-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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