Friday, May 4, 2012

Banks Announce their Interest Rate Moves

Bank of Queensland dropped their standard variable rate by 0.35% on the day of the RBA cut. On Wednesday, NAB announced that they would follow the RBA just over half way with an interest rate cut to their standard variable rate of 0.32%.

On Thursday, the Commonwealth Bank announced a 0.40% cut which is the most of any bank so far.

UBank also announced a drop of 0.40% to 5.83% for their UHomeLoan which will take effect on the 11th May.

Today, Bankwest announced a cut of 0.32% of their standard variable rate to 6.98%. Westpac left it to the close of business on Friday to announce that they would reduce their rates by 0.37%. St George dropped by 0.38% and the CUA dropped rates by only 0.25%.

UniCredit WA is the only institution to drop their home loan rate by the full 0.50% to a competitive 6.10%.

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