Media Release

Interest rate update: 17 lenders announce rate cuts including big 4 banks

  • 17 lenders announce rate cuts including all 4 major banks
  • 7 lenders keep some of the Reserve Bank's 0.25 percentage point rate cut
  • Borrowers should demand full rate cut!

May 7, 2015, Sydney – Comments by Michelle Hutchison, Money Expert at finder.com.au:

"So far we've seen 17 lenders announce interest rate cuts to their variable rate home loans, including all four major banks.

"Out of these lenders, seven have not passed on the Reserve Bank's full 0.25 percentage point rate cut. One of which (Westpac) passed on 0.22 percentage points while the remaining six passed on 0.20 percentage points including Bank of Melbourne, Bank of Queensland, Bank SA, Commonwealth Bank, National Australia Bank and St George Bank.

"It's disappointing to see these lenders not pass on the full cash rate cut to their variable home loan customers. Especially when some lenders are passing on the full cut, including some of the most competitive lenders in Australia.

"Borrowers don't have to take this hit on the chin. They can call their lender and ask for a bigger discount off their home loan rate. Find out what other lenders are offering and compare it to your home loan. If you're not happy with your lender or they won't give you a better deal, consider switching as it could end up save you thousands of dollars off your mortgage."

tableoflenderscutvariableratesmay2015

Click here to view the above table of lenders that have so far announced variable home loan rate cuts and we will be updating this page as we hear more announcements:

www.finder.com.au/rba-cash-rate

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

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