RBA has decided to lower the cash rate by 25 basis points to 1.75 per cent, effective today 4 May 2016.
The four big banks have all quickly responded to RBA’s rate cut decision and dropped their interest rates.
Commonwealth Bank will reduce their Standard Variable Rate (SVR) by 25 basis points to 5.35% per annum for Owner Occupied Home Loans, and to 5.62% per annum for Standard Variable Rate Investment Home Loans. This represents the lowest SVR offered to home loan customers in the Bank’s history.
NAB will drop their variable rate for home loans by 0.25% p.a. This means NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60% p.a. to 5.35% p.a.
Westpac will also lower its variable home loan (owner occupied) and residential investment property loan rates by 0.25%. They will also reduce their variable rate small business loans by 0.25%. Effective on 23 May, 2016.
ANZ is the only one of the four big banks that will reduce its home loan interest rates just by 0.19 of a percentage point, with its benchmark rate for owner-occupiers falling to 5.37 per cent.
Read Why Loans with the Lowest Interest Rate Can Cost You More before rushing to phone your Mortgage Broker.
To find out what the banks’ interest rate cut means to your individual circumstances, or if you haven’t reviewed your mortgage for 2 years, book an appointment with your Mortgage Corp Loan Specialist!
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