Three of Australia’s four big banks have failed to pass on today’s full rate cuts to their home loan customers. After ANZ said it would pass on the Reserve Bank’s 0.25 per cent cut to the.
Lenders will be under pressure to pass on all, or at least the bulk, of the RBA cuts to borrowers. The Reserve Bank may cut interest rates in the next few months. (AAP)
Is your lender passing on the RBA’s latest cash rate cut? Savings.com.au keeps you posted on which banks and lenders are cutting home loan interest rates. After nearly three years of holding the cash rate at 1.50%, the Reserve Bank of Australia (RBA) has cut rates by 0.25% points (25 basis points) from 1.50% to 1.25%.
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The Reserve Bank of Australia has just announced it will cut interest rates by 25 basis points, to a record low of 1.25 per cent, meaning those with variable home loans could feel some relief. That is, if the banks choose to pass it on. Update: ING will pass on the full rate cut, effective 25 June.
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· In response, two of Australia’s big four banks – the Commonwealth Bank and the National Australia Bank – have announced they will pass on the rate cut of 0.25% in full for all variable home.
The Reserve Bank governor gives a very strong indication that borrowers can expect at least one more interest rate cut this year, while attacking banks that have not passed on this month’s cut in.
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· Cuts trickle down to borrowers as home loan rates dive below 3.00%. Now that we have a chance to breathe following today’s rate hold, what’s actually happened to home loan rates since the RBA made their last cut on July 2? Perhaps unsurprisingly, fewer home loan lenders passed on the full 0.25% RBA cut this time around.
The recent rba rate cut means many borrowers are finding principal and interest repayments more affordable and are opting to start paying down their debts instead of paying just the interest.