After the RBA announced a rate cut of 0.25 basis points on Tuesday, most lenders have lowered their floating lending rates. They consider a variety of factors, including political and prestige, when deciding to cut interest rates. In the most difficult financial institutions in the recent Royal Survey, CBA, NAB and AMP all followed the RBA cuts.
The pressure on the investigation was not as great as the three ANZs and WBCs who chose to cut interest rates. ANZ cut interest rates by 0.18%, while West Pacific cut interest rates by 0.2%, although interest rates on interest-only interest were lowered by 0.35%. ANZ attributed only partial interest rate cuts to performance performance, market conditions and impact on customers. RBA president Philip Lowe said that after the recent bank financing and deposit costs have fallen, they have no reason not to cut interest rates in full.
Small lenders that do not have full interest rate cuts include Virgin Money, Suncorp Bank, Heritage Bank, Bendigo Bank, Adelaide Bank and Westpac’s subsidiary Bank of South Australia, Bank of Melbourne and St. George Bank. But some of these small banks already have the lowest lending rates on the market before cutting interest rates. Although they do not cut interest rates in full, they are still the cheapest. According to the interest rate comparison website RateCity, the current lending institutions with the lowest floating rate are Reduce Home Loans (3.19%), Homestar Finance (3.24%), Athena Home Loans and UBank (3.34%), Bank Australia (3.44%), AMP Bank. And Suncorp Bank (3.49%). Those who previously thought that their interest rates were competitive may no longer enjoy the lowest interest rates. Check your loan interest rate, if not the best, you can shop around.
Reference: