Friday, November 4, 2011

These Banks Dropped their Interest Rates on Tuesday

Now that the Reserve Bank has dropped the official cash rate for Australia, the question that most homeowners want to know is, "Did my bank follow?"

  • Ubank has made no announcement. Currently their rate is at 6.79%. 
  • Westpac has dropped their standard variable rate by 0.25% to 7.61%
  • Commonwealth Bank has also dropped 0.25% to 7.66% (or 6.86% depending on the product)
  • Bank of Queensland & Members Equity Bank have dropped 0.25%
UPDATE 3/11/11
  • ANZ has dropped their standard variable rate by 0.25% to 7.55%
  • NAB has dropped their standard variable rate by 0.20% to 7.47%
  • UBank still haven't moved on their home loan rates but cut their savings accounts by 0.40% much to everyone's outrage on Twitter and Facebook.
UPDATE 4/11/11
  • Ubank has dropped their UHomeLoan standard variable rate by 0.20% to 6.59% in line with the parent bank NAB. They are also offering new sign ups a loyalty bonus of 0.20% off their rate taking the rate to 6.39%!
UPDATE 8/12/11

RBA Announced another rate cut in December. Check out who dropped their interest rates in the most recent post here.

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