Courtesy of the RBA cash rate movement yesterday, home borrowers are in for some rate relief. Not so great for self-funded retirees, of course…
So will your home loan rate be affected? Chances are yes: it would be a brave financial institution that didn’t act of a cut in official cash rate.
When faced with a (welcome) reduction in mortgage rate though, it helps to know just where your financial institution stands in comparison to the others. So as at right now, here is what current interest rates are across our larger institutions:
| Institution | Standard variable | 1 year fixed | 3 year fixed | 5 year fixed |
| ANZ | 5.88% | 4.94% | 5.09% | 5.14% |
| COM | 5.90% | 4.94% | 5.09% | 5.14% |
| NAB | 5.88% | 4.89% | 5.04% | 5.09% |
| WPAC | 5.98% | 4.99% | 5.14% | 5.19% |
| SUNCORP | 5.99% | 4.93% | 4.98% | 5.14% |
| BOQ | 6.01% | 4.65% | 4.79% | 5.09% |
| Bank Melbourne | 5.90% | 4.94% | 4.94% | 5.14% |
| ING DIRECT | 5.22% | 4.69% | 4.69% | 4.99% |
| Bankwest | 5.89% | 4.98% | 4.84% | 5.14% |
| Loans.com.au | 4.52% | 4.64% | 4.48% | N/A |
| St George | 5.99% | 4.94% | 4.94% | 5.14% |
| IMB | 5.66% | 4.49% | 4.59% | 4.89% |
Source: Canstar.com.au
With the exception of loans.com.au, IMB, Suncorp, ANZ and NAB, all the above institutions have announced that they will be following the official cash rate down at some point between the 20th and 24th Feb. Stay tuned for more…
So who’s cutting property loan prices?
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