Official Rate cut & Bank Rate Cuts 2012

The RESERVE BANK OF AUSTRALIA decided to lower the cash rate by 25 basis points to 3.25 per cent, effective 3 October 2012

rate cut australia

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 ?

BankRate 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 updateNo 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 DateChange in cash rate
Percentage points
New cash rate target
Per cent
3 Oct 2012-0.253.25
5 Sep 20120.003.50
8 Aug 20120.003.50
4 Jul 20120.003.50
6 Jun 2012-0.253.50
2 May 2012-0.503.75
4 Apr 20120.004.25
7 Mar 20120.004.25
8 Feb 20120.004.25
7 Dec 2011-0.254.25
2 Nov 2011-0.254.50
5 Oct 20110.004.75
7 Sep 20110.004.75
3 Aug 20110.004.75
6 Jul 20110.004.75
8 Jun 20110.004.75
4 May 20110.004.75
6 Apr 20110.004.75
2 Mar 20110.004.75
2 Feb 20110.004.75
8 Dec 20100.004.75
3 Nov 2010+0.254.75
6 Oct 20100.004.50
8 Sep 20100.004.50
4 Aug 20100.004.50
7 Jul 20100.004.50
2 Jun 20100.004.50
5 May 2010+0.254.50
7 Apr 2010+0.254.25
3 Mar 2010+0.254.00
3 Feb 20100.003.75
2 Dec 2009+0.25

3.75

4 Nov 2009+0.253.50
7 Oct 2009+0.253.25
2 Sep 20090.003.00
5 Aug 20090.003.00
8 Jul 20090.003.00
3 Jun 20090.003.00
6 May 20090.003.00
8 Apr 2009-0.253.00
4 Mar 20090.003.25
4 Feb 2009-1.003.25
3 Dec 2008-1.004.25
5 Nov 2008-0.755.25
8 Oct 2008-1.006.00
3 Sep 2008-0.257.00
6 Aug 20080.007.25
2 Jul 20080.007.25
4 Jun 20080.007.25
7 May 20080.007.25
2 Apr 20080.007.25
5 Mar 2008+0.257.25
6 Feb 2008+0.257.00
 

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:

  • NAB 6.58
  • CBA 6.60
  • ANZ 6.80
  • Westpac 6.71
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