Friday, October 12, 2012

Quick Update on Banks' Rate Changes


Following last Tuesday's announcement, Bank of Queensland was the first bank to announce a drop in their rates, dropping by 0.20%. Since then, NAB and Commonwealth Bank have dropped their rates by 0.20% with Westpac only dropping by 0.18%. ING Direct has dropped their rates by the full 0.25%. 
The Big Four banks variable rates from cheapest rate are listed below. 

  • NAB 6.58%
  • CBA 6.60%
  • ANZ 6.80%
  • Westpac 6.71%
11/10/12 - UBank has just today announced that they will reduce their home loan rate by the full 0.25% but this will only take effect on the 19th October. 
  • Ubank 5.57%
12/10/12 - ANZ today announced that they are only reducing their rates by 0.20%. Their rate now stands the same as CBA at 6.60%

1 comment:

rodcub said...

And, strangely, UBank is refusing to move on their home loan rate, despite dropping deposit rates.

There's a HELL of a lot of anger out there because they have usually moved to announce rate movements by about the Friday of the week of the drop... and it's been now well into the week after the rate drop (and still no news).

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