25 Aug List of banks which had passed on the rate cut
Three weeks after the Reserve Bank of Australia (RBA) lowered the official cash rate, which banks have passed on the interest rate cut?
In just a few days, RBA will meet again and decide whether to raise, lower, or maintain the rate. This, of course, depends on many significant factors. Now that you know the connection of the RBA interest rate cut to your home loan rate, we are providing a list of the banks who had passed on the August rate cut.
Is your bank on the list?
The following tables show how Australian lenders responded to the RBA’s cut in the official cash rate.
Has your lender passed on the full rate cut?
If your lender isn’t part of the list, you can contact us to check your lender’s rate for you. (The list shown is as of August 23, 2016, 11:00 am WST.) Some lenders might not pass on the full rate cut to their loan products since they might have cut a large basis points the last time. If they haven’t passed on the rate cut for a long period now, you may also consider refinancing.
What to do when rates change?
If you are planning to secure a loan, take advantage of the low interest rate. Refinance and shop for other rates. Don’t just go with one lender. We have access to over 30 lenders, some of which you are not even familiar with. These lenders might not only offer cheaper rates but they have deals that suit your needs.
Soul Finance Group has access to over 30 lenders and we’re actively monitoring their rate announcements. If you want the interest rates and comparison rates for each lender or the lenders that are not on the list, please give us a call for more information.