Interest Rates cut by 1% p.a.

Tuesday 3rd February 2009 - The Reserve Bank of Australia announced yet another massive interest rate reduction of 1% p.a.

The 6 Major Banks were quick to adhere to the governments request to pass on the full interest rate reduction to borrowers. Although Westpac & ANZ were expected to provide a larger rate reduction than their competitors as they have yet to pass on the full interest rate cut announced in December 2008.

The remaining lenders will make their announcements over the coming days.

To discover how much of the rate cut your Bank / Lender is passing on look below:

Bank / Lender:      Interest Rate:        Effective Date:

Citibank                  1.20% p.a.           16/2/2009 

Bank West               1.00% p.a.            5/2/2009 

Rams (100% owned by WBC)   1.00% p.a.           9/2/2009

Westpac                   1.00% p.a.            9/2/2009

ANZ                         1.00% p.a.           13/2/2009

NAB                         1.00% p.a.           13/2/2009

CBA                         1.00% p.a.           13/2/2009

St George                 1.00% p.a.           13/2/2009

Aussie                       1.00% p.a.           13/2/2009

Homeside                 1.00% p.a.           13/2/2009

AMP Banking          1.00% p.a.           15/2/2009

Heritage                    1.00 % p.a.         20/2/2009

Suncorp                     1.00% p.a.         23/2/2009