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How have the lenders responded to the RBA July 19 cash rate cut?

Just when you thought you knew what interest rate you were paying on your loan, the goal posts have moved again!

It’s good news though, with another round of rate cuts announced by the lenders.

This is what we know so far…

CBA rate changes (effective 16 July):
– Rates on variable loans (OO and Investment) with P&I repayments will drop by 0.19.
– Rates on variable loans (OO and Investment) with IO repayments will drop by 0.20

NAB rate changes (effective 12 July for existing borrowers):
– Rates on all variable loans (OO and Investment, P&I and IO) will drop by 0.19

ANZ rate changes (effective 12 July):
– Rates on all variable loans (OO and Investment, P&I and IO) will drop by 0.25

WPAC rate changes (effective 16 July):
– Rates on variable loans (OO and Investment) with P&I repayments will drop by 0.20.
– Rates on OO variable loans with IO repayments will drop by 0.20.
– Rates on Investment variable loans with IO repayments will drop by 0.30.

St George rate changes (effective 16 July):
– Rates on variable loans (OO and Investment) with P&I repayments will drop by 0.20.
– Rates on OO variable loans with IO repayments will drop by 0.20.
– Rates on Investment variable loans with IO repayments will drop by 0.30.

Macquarie rate changes (effective 18 July):
– Rates on all variable loans (OO and Investment, P&I and IO) will drop by 0.20

ING rate changes (effective 18 July):
– Rates on all variable loans (OO and Investment, P&I and IO) will drop by 0.20

It may take a few days for the dust to settle and the smaller lenders to make announcements regarding their rate changes.

If you’re not sure what’s happening with your lender – or you wanted to have a chat about your existing loans – we’re here to help!

 

Check out our most recent post titled, “The Downside to Interest Rate Cuts.” Have you fallen for this trap too?

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