Latest Interest Rate Cuts !!!

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Small Qld Lender Shame's the Big Banks !!! 

A small Queensland based lender (Heritage Building Society) has shamed the Big Banks by passing on the full 0.25% p.a. Interest Rate cut announced by the RBA last Tuesday (6/4/2009). The Big Banks have declared that they cannot afford to do the same, despite their multi-billion dollar profits, and choose to hide behind the excuse that the "Costs of Funds" have prevented them from passing on the 0.25% p.a. rate cut. Yet this was accomplished by their much smaller competitor - Heritage Building Society - who's profits are tiny in comparison.

Many in the finance industry are questioning the Big Banks' reasoning as the costs of funds have actually reduced since November 2008 and yet the Banks have managed to double their lending margins (i.e. profits) since the "Financial Crisis" began. Perhaps the Big Banks have simply taken a leaf out of the Petrol Industry's book and are making the most of the confusion in the market place to increase their profit margins which no doubt will not be reduced once they finally acknowledge that the "Costs of Funds" are lower.

Well done to Heritage Building Society who have proven their "People First" slogan is more than just a clever marketing campaign. If only the Big Banks could be as motivated towards their clients as they appear to be towards their profits !!!

Below is a list interest rate cuts announced by the Banks / Lenders: 

Bank/ Lender:             Interest Rate Cut:                Effective: 

 Heritage Building Society             0.25% p.a.                            24/4/2009

St George                                     0.10% p.a.                           17/4/2009

Suncorp                                        0.10% p.a.                           20/4/2009

Homeside                                     0.10% p.a.                           17/4/2009

Rams                                            0.10% p.a.                           17/4/2009 

Commonwealth                             0.10% p.a.                           17/4/2009

Westpac                                       0.10% p.a.                            20/4/2009

ANZ                                             0.10% p.a.                           17/4/2009

AMP Bank                                   0.10% p.a.                            25/4/2009 

Macquarie Bank                            0.10% p.a.                           27/4/2009

La Trobe                                       0.10% p.a.                             1/5/2009 

NAB                                            NO REDUCTION TO INTEREST RATE

Bendigo Bank                                         NO REDUCTION TO INTEREST RATE

Adelaide Bank                              NO REDUCTION TO INTEREST RATE

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