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At the December meeting of the Reserve Bank of Australia meeting today, 4th December 2012, it was decided to reduce the cash rate by 25 basis points to 3.0 per cent, effective 5 December 2012.
The Banks reactions:
5th December 2012
- Bank of Queensland (BoQ) reduced borrowing rates by 20 basis points from December 21
- National Australia Bank (NAB) reduced borrowing rates by 20 basis points from December 10.
- Westpac reduced borrowing rates by 20 basis points with effect December 17
- CBA reduced borrowing rates by 20 basis points with effect December 10
- ANZ (no decision until December 14)
Westpac’s standard variable rate will fall to 6.51 per cent on December 17, while CBA’s drops to 6.4 per cent on December 10.
NAB Base Variable Rate Home Loan was 6.08% at 3rd December 2012
NAB 2 years Fixed rate was 5.54% pa
BoQ Economy Home loan rate was 6.13%
BoQ 2 years Fixed rate was 5.36% pa
Westpac Flexi First Option Home Loan was 6.06%
Westpac 2 years Fixed rate was 5.59% pa
CBA Economiser Rate Saver was 6.14%
CBA 2 years Fixed rate was 5.44%
ANZ Simplicity PLUS was 5.90%
ANZ 2 years Fixed rate was 5.54%
Options to reduce those rates by about 0.15% are often, but not always, available when taking out package options, normally with an annual fee.
Old Standard Variable rates
New Standard Variable rates
6.xx% ANZ (any drop from 6.60% to be advised)