Since the Reserve Bank of Australia (RBA) cut the official cash rate by 25 basis points to a record low of 0.75% last Tuesday, non-major lenders have struggled to find the right balance to meet the needs of both their deposit holding and lending customers in their responsive rate adjustments.
Heritage Bank
Heritage announced it will cut its variable home loan interest rates by 0.15% and its variable personal loans and credit card rates by 0.25%, effective 15 October.
Bendigo Bank
Bendigo will also reduce all variable home loan interest rates by 0.15%, for both new and existing customers.
The home loan interest rate changes will be effective from 15 October.
BOQ’s variable interest rate for owner occupiers and investors making interest only repayments will be reduced by 0.25%. The variable interest rate for borrowers paying P&I will be reduced by 0.10%.
The changes go into effect on 25 October.
Virgin Money
Virgin Money’s variable interest rate for borrowers making Interest only repayments will be reduced by 0.20%. The variable interest rate for those making P&I repayments will be reduced by 0.15%.
The changes take effect 25 October.
P&N Bank
Western Australia’s largest bank, customer-owned P&N, is passing on between 0.16% and 0.25% to both new and existing borrowers, effective 15 October.
AMP Bank
Effective 14 October, AMP Bank is reducing interest rates across all variable rate home loans by 0.15%.
MyState Bank
MyState will cut variable home loan interest rates by 0.15%, effective 14 October for new loans and 29 October for existing loans.
ME will cut interest rates for all new and existing variable home loan customers by 0.15%, effective 24 October.
ING will cut interest rates for all new and existing variable home loan customers by 0.15%, effective 16 October.
CBA
CBA will reduce its Standard Variable Rates for home loan customers by 0.13% p.a. for all lending except investment interest only loans which will decrease by 0.25% p.a. on the 22nd of October
ANZ
ANZ will reduce its Standard Variable Rates for home loan customers by 0.14% p.a. for all lending except investment interest only loans which will decrease by 0.25% p.a. on the 11th of October
NAB
NAB will reduce its Standard Variable Rates for home loan customers by 0.15% p.a. for all lending except investment interest only loans which will decrease by 0.30% p.a. on the 11th of October
Westpac
Westpac will reduce all variable home loan interest rates by 0.15%, for both new and existing customers effective the 16th of October
St George
St George will reduce all variable home loan interest rates by 0.15%, for both new and existing customers effective the 16th of October
Bankwest
Bankwest will reduce its Standard Variable Rates for home loan customers by 0.13% p.a. for all lending except investment interest only loans which will decrease by 0.25% p.a. on the 16th of October
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