official cash rate unmoved at 1.50% following May RBA meeting. The latest decision means that the Reserve Bank board haven’t shifted the cash rate since August 2016, which resulted in a 25 basis point cut, while last rate rise dates all the way back to November 2010.
He cited this when explaining why the bank, along with the other big banks, didn’t pass on the full rate cut when the RBA dropped the official cash rate by 0.25 percentage points to 1.50%.
The RBA cut against experts’ expectations today when it trimmed the official cash rate to 1.75%. The move brings Australia’s official cash rate to a record low. Within moments of the announcement, NAB announced it would reduce its variable rate for home loans by 0.25%, becoming the first bank to pass on the cut.
The Reserve Bank has cut its official interest rate by 0.25 percentage points to a new record low of 1.25 per cent. RBA cuts rates to support jobs growth in the face of rising unemployment ANZ is.
Has your bank passed the June 2019 interest rate cut on. – Has your bank passed the June 2019 interest rate cut on? Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 1.50% to 1.25%, NAB and Commonwealth Bank have decided to pass on the full interest cut off their variable rate lending by 0.25%.
The Reserve Bank of Australia has just announced it will cut interest rates by 25 basis points, to a record low of 1.25 per cent, meaning those with variable home loans could feel some relief. That is, if the banks choose to pass it on. Update: ING will pass on the full rate cut, effective 25 June.
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Bank’s cost of funds has been falling because of low interest rates in global capital markets so there will be no excuse for them to pass it on,” he said. What the RBA cash rate cut means for your.
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.
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.