Mortgage holders rejoice as big banks pass on rate cut
In a positive move celebrated by mortgage holders across Australia, the Commonwealth Bank, Westpac and National Australia Bank (NAB) have cut interest rates after the RBA reduced the official cash rate to 3.25% earlier this week.
While the banks didn’t pass on the full .25 per cent rate cut, Commonwealth Bank and NAB did pass on most of it with a 20 basis point cut, while Westpac trimmed off 18 basis points, which is a huge relief for many new and potential mortgage holders.
You can read more about the interest rate cut and recent interest rate history on The Age website.
NAB’s new variable interest rate is 6.58 per cent effective as of Monday, while Commonwealth Bank will offer a variable rate of 6.6 per cent effective as of 12 October. Westpac has announced the variable rate as 6.71 per cent, effective as of 15 October.
ANZ’s current variable interest rate remains at 6.8 per cent in line with their “go-it-alone” campaign, which stands to separate the bank from the actions of the RBA and it is expected they will review their rates on 12 October.
To find out more about your financial options and make sure you’re getting access to the most competitive rates, contact Choice Home Loans today at firstname.lastname@example.org or call 1300 2 CHOICE.
Will the interest rate cut affect your decision or situation?