Has your bank passed the RBA interest rate cut on?

Yesterday, the Reserve Bank of Australia (RBA) cut the official interest rate by 0.25% to 3.0%. What does that mean for you and what will interest rates look like in the future? We asked Scott Matthews to shed some light on the topic. Scott is the.

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For the second month in a row, Australia’s cash rate has been cut, but fewer banks and lenders are expected to fully pass on this month’s cut to home loan interest rates.Savings.com.au will keep you updated with the latest rate cut announcements. The Reserve Bank of Australia (RBA) followed up last month’s cut (the first in nearly three years) with another 25 basis point (0.25% point.

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What you should do if your greedy bank doesn’t pass on the rate cut in full – and how you could end up saving even MORE. The Reserve Bank of Australia has cut interest rates to new record low of.

CBA has passed on a 0.19 per cent rate cut onto its principal and interest customers, but the full 0.25 per cent to interest only customers. ANZ bank has passed on the full 25 basis point rate cut, which will be effective Friday 12 July.

Other lenders passing on the full 0.25% interest rate cut to home loan customers include: bank of Queensland – bringing the standard variable home loan interest rate down from 5.86% to 5.61%, effective from the 18th May UBank – reducing the UHomeLoan from 4.32% to 4.07%,

They are however, cutting investor interest-only rates above and beyond the RBA, by 0.35 per cent. Suncorp Bank has also announced it will cut all variable home loan interest rates by 0.20 per.

At least one smaller bank has passed on the rate cut in full, with customer-owned Bank Australia lowering its standard variable mortgage rate to 4.74 per cent. In some rare good news for savers, however, CBA is passing on a rate increase of at least 50 basis points to new one, two and three-year term deposits.