Media Release

Interest Rate Update: 24 lenders announce cuts

  • 24 lenders announce rate cuts since RBA rate cut
  • Bankwest passes on smallest cut of 0.17 percentage points
  • Mortgage House cuts further than the RBA cash rate, by 0.26 percentage points

May 9, 2015, SYDNEY

Comments by Michelle Hutchison, Money Expert at one of Australia's biggest comparison websites finder.com.au:

"Since the Reserve Bank cut the cash rate by 0.25 percentage points on Tuesday, we've seen 24 lenders announce rate cuts. However, almost half (11) have not passed on the full cut.

"Bankwest announced the lowest cut to its variable home loan interest rates, cutting by 0.17 percentage points. On the flip side, one lender, Mortgage House, has announced it will be passing on more than the cash rate cut, by dropping its variable rates by 0.26 percentage points.

"While it's clear that many lenders don't want to move much further on their variable interest rates, there are several lenders who are much more competitive and keen for new business. Borrowers can take advantage of these more competitive lenders by comparing home loans and switching lenders."

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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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