The RESERVE BANK OF AUSTRALIA decided to lower the cash rate by 25 basis points to 3.25 per cent, effective 3 October 2012
pic ref : www.australianbusinessreport.com.au
The Banks on the rate cut
RBA governor Glenn Stevens said the outlook for global growth had softened with China's expansion slowing down. The rate is the lowest rate in the past three years now.
So how are the banks helping out with our mortgage rates ?
| Bank | Rate Cut | New rate |
| Reserve Bank (RBA) | 0.25% | 3.25% |
NAB ( National Bank)  | 0.20% | 6.58% |
CBA ( Commonwealth Bank) | 0.20% | 6.6% |
Westpac  | 0.18% | 6.71% |
ANZ  | No update | No update |
ANZ remains the only big four bank to hold out on rates, shunning drops by NAB, Westpac and Commonwealth banks.
Interest Rate Cuts History 2008–2012
| Effective Date | Change in cash rate Percentage points | New cash rate target Per cent | |
|---|---|---|---|
| 3 Oct 2012 | -0.25 | 3.25 | |
| 5 Sep 2012 | 0.00 | 3.50 | |
| 8 Aug 2012 | 0.00 | 3.50 | |
| 4 Jul 2012 | 0.00 | 3.50 | |
| 6 Jun 2012 | -0.25 | 3.50 | |
| 2 May 2012 | -0.50 | 3.75 | |
| 4 Apr 2012 | 0.00 | 4.25 | |
| 7 Mar 2012 | 0.00 | 4.25 | |
| 8 Feb 2012 | 0.00 | 4.25 | |
| 7 Dec 2011 | -0.25 | 4.25 | |
| 2 Nov 2011 | -0.25 | 4.50 | |
| 5 Oct 2011 | 0.00 | 4.75 | |
| 7 Sep 2011 | 0.00 | 4.75 | |
| 3 Aug 2011 | 0.00 | 4.75 | |
| 6 Jul 2011 | 0.00 | 4.75 | |
| 8 Jun 2011 | 0.00 | 4.75 | |
| 4 May 2011 | 0.00 | 4.75 | |
| 6 Apr 2011 | 0.00 | 4.75 | |
| 2 Mar 2011 | 0.00 | 4.75 | |
| 2 Feb 2011 | 0.00 | 4.75 | |
| 8 Dec 2010 | 0.00 | 4.75 | |
| 3 Nov 2010 | +0.25 | 4.75 | |
| 6 Oct 2010 | 0.00 | 4.50 | |
| 8 Sep 2010 | 0.00 | 4.50 | |
| 4 Aug 2010 | 0.00 | 4.50 | |
| 7 Jul 2010 | 0.00 | 4.50 | |
| 2 Jun 2010 | 0.00 | 4.50 | |
| 5 May 2010 | +0.25 | 4.50 | |
| 7 Apr 2010 | +0.25 | 4.25 | |
| 3 Mar 2010 | +0.25 | 4.00 | |
| 3 Feb 2010 | 0.00 | 3.75 | |
| 2 Dec 2009 | +0.25 | 3.75 | |
| 4 Nov 2009 | +0.25 | 3.50 | |
| 7 Oct 2009 | +0.25 | 3.25 | |
| 2 Sep 2009 | 0.00 | 3.00 | |
| 5 Aug 2009 | 0.00 | 3.00 | |
| 8 Jul 2009 | 0.00 | 3.00 | |
| 3 Jun 2009 | 0.00 | 3.00 | |
| 6 May 2009 | 0.00 | 3.00 | |
| 8 Apr 2009 | -0.25 | 3.00 | |
| 4 Mar 2009 | 0.00 | 3.25 | |
| 4 Feb 2009 | -1.00 | 3.25 | |
| 3 Dec 2008 | -1.00 | 4.25 | |
| 5 Nov 2008 | -0.75 | 5.25 | |
| 8 Oct 2008 | -1.00 | 6.00 | |
| 3 Sep 2008 | -0.25 | 7.00 | |
| 6 Aug 2008 | 0.00 | 7.25 | |
| 2 Jul 2008 | 0.00 | 7.25 | |
| 4 Jun 2008 | 0.00 | 7.25 | |
| 7 May 2008 | 0.00 | 7.25 | |
| 2 Apr 2008 | 0.00 | 7.25 | |
| 5 Mar 2008 | +0.25 | 7.25 | |
| 6 Feb 2008 | +0.25 | 7.00 | |
| ANZ has stated it would not reduce rates before its regular rates meeting on October 12. The outlook for growth in the world economy has softened over recent months The big four banks' standard variable home loan rates currently stand at:
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It is nice you get us inform about this.