Tag: cash rate

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The big four banks pass on the Reserve Bank’s 0.25 point cut

The Australia’s big four banks finally decided to pass on the Reserve Bank’s 0.25 point cut. ANZ move first, announcing yesterday on 08/12/2012 it would cut its standard variable home loan rate from 7.55 per cent to 7.30. Fellow Melbourne-based giant NAB followed quickly, dropping its standard rate to 7.22 per cent. Commonwealth fell into …

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$5.6 million daily rip-off by the big four banks on mortgage

Although the government repeats its demands they pass on the interest rate cuts, none of the big four banks – ANZ Bank, Commonwealth Bank, National Australia Bank or Westpac – has revealed the results of their reviews of their interest rates almost two days after the RBA’s rate reduction on 06/12/2011. Australia’s big four commercial …

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Reserve Bank lifts interest rate by 25 basis points on 04/06/2010

Homeowners face another increase in their mortgage repayments after the Reserve Bank of Australia (RBA) raised its official cash rate by 25 basis points to 4.25 per cent on 04/06/2010. The cash rate has not been this high since February 2009. The 0.25% rise will add around $49.05 per month to repayments on an average mortgage …

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How big four banks will change their home loan interest rates in 2010?

Banks will not pass on the full interest rate increases which are forecasted at 1% in 2010, according to Australia’s top macroeconomist Chris Richardson. He said that increasing competition for new customers and lower funding costs would cause major lenders to absorb about 30 basis points of Reserve Bank increases during the second half of 2010. …

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