Why some banks are cutting interest rates for term deposits and home loans when the Reserve Bank isn't
7 months ago

Why some banks are cutting interest rates for term deposits and home loans when the Reserve Bank isn't

ABC  

Some of Australia's biggest banks found themselves in the headlines this week after confirming that they were reducing a handful of their interest rates. The rate cuts however weren't universally applied: they affected term deposits with some banks and home loans with others, and came days after the Reserve Bank of Australia reiterated it wasn't rushing to lower interest rates anytime soon. Since the start of August, 23 banks have cut interest rates on at least one of their term deposits, including Commonwealth Bank, NAB and ANZ. "While most of the term deposit changes were cuts, there were also a number of banks lifting rates, including ANZ and NAB," Ms Gordon says. " Overall, 27 banks have changed at least one term deposit rate since the start of August, with some having both hiked and cut rates.

Home Loans Interest Rates Interest Home Loan Term Rates Rba Deposit Cuts Fixed Rates Deposits Cba Nab Commonwealth Bank Our Banks Cent Rate Cherelle Murphy Term Deposits Ratecity Brian Johnson Banks Cutting  deposits  rates  interest  deposit  cuts  cent  rate  isnt  loans  cut  term  bank  reserve  banks  cutting

History of this topic

Why are the banks waiting to pass on the Reserve Bank's rate cut?
1 month ago

Why are the banks waiting to pass on the Reserve Bank's rate cut?

ABC  

Within minutes of the Reserve Bank of Australia announcing it would cut interest rates on Tuesday, the major banks were quick to share they were following suit. "Over the past few years, the big banks have maintained a relatively consistent time frame for passing on RBA cash rate hikes to its variable mortgage customers," she said. "It may well be …

Why the Reserve Bank poured cold water on future interest-rate-cut expectations
1 month, 1 week ago

Why the Reserve Bank poured cold water on future interest-rate-cut expectations

ABC  

It didn't take long for the spectre of Oliver Twist to appear. No sooner had Reserve Bank governor Michele Bullock taken the lectern to confirm the news most Australians wanted to hear, that interest rates would be cut for the first time in more than four years, than the obvious question hung in the air. Relief for borrowers as RBA …

RBA delivers first rate cut since 2020
1 month, 1 week ago

RBA delivers first rate cut since 2020

ABC  

Samantha Donovan: Hello, welcome to PM. So what we've seen is those really sticky items in the inflation baskets, I think insurance premiums, out-of-pocket health care costs, the cost of building a new dwelling or rental prices, those price increases have been such that the Reserve Bank has been worried that if it doesn't keep interest rate policy restrictive, and …

Australian shares marginally extend losses after RBA cuts rate as expected
1 month, 1 week ago

Australian shares marginally extend losses after RBA cuts rate as expected

Live Mint  

By Adwitiya Srivastava Feb 18 - Australian shares slightly deepened losses after the local central bank delivered its highly anticipated interest rate cut for the first time in over four years on Tuesday, driven by a sell-off in heavyweight financials. The RBA cut rates by 25 basis points to 4.10%, easing its monetary policy for the first time since November …

Borrowers on edge ahead of RBA decision
1 month, 1 week ago

Borrowers on edge ahead of RBA decision

ABC  

Andy Park: Hello, welcome to The World Today. If by its very nature, the Reserve Bank cutting interest rates stimulates demand and increases inflation, if underlying inflation still isn't within the Reserve Bank's band of between 2% and 3%, won't an interest rate cut have policy makers put up the white flag on inflation? Jane Bardon: The independent Yolngu MP …

How banks are responding to Reserve Bank decision to cut interest rates
1 month, 1 week ago

How banks are responding to Reserve Bank decision to cut interest rates

ABC  

Australia's major banks have already announced rate cuts following the Reserve Bank of Australia's decision to cut interest rates for the first time in four years. NAB announced it would cut home loan interest rates by 0.25 per cent, with Personal Bank group executive Ana Marinkovic saying they were "very pleased" with the decision. Variable home loan interest rates will …

Reserve Bank cuts interest rates for the first time since November 2020
1 month, 1 week ago

Reserve Bank cuts interest rates for the first time since November 2020

ABC  

The Reserve Bank of Australia has cut interest rates for the first time since November 2020. RBA governor Michele Bullock noted that the rise in interest rates from the "emergency lows" of the pandemic had meant households with home loans were hurting, but argued high inflation caused more pain. At the post-meeting press conference, Ms Bullock said she couldn't confirm …

Why the Reserve Bank has little option but to cut interest rates
1 month, 1 week ago

Why the Reserve Bank has little option but to cut interest rates

ABC  

After more than six months of conjecture and on-again off-again signals, interest rates are about to start a descent. In the December quarter, core inflation came in at just 0.5 per cent which, if you annualise it, comes in at just 2 per cent, smack bang at the bottom of the RBA's target range. Core inflation has dropped rapidly, more …

Pressure on Reserve Bank to cut rates
1 month, 1 week ago

Pressure on Reserve Bank to cut rates

ABC  

Sabra Lane: Good morning, welcome to AM, I'm Sabra Lane, coming to you from Nipaluna, Hobart. The Reserve Bank of Australia wraps up its first meeting of the year this afternoon and it's widely tipped to cut the official interest rate by 0.25 per cent. Cherelle Murphy : I think that the Reserve Bank certainly has a good case to …

When will interest rates go down? Banks are preparing for the RBA's cash rate decision
1 month, 1 week ago

When will interest rates go down? Banks are preparing for the RBA's cash rate decision

ABC  

The Reserve Bank of Australia is meeting and banks are forecasting an imminent cash rate cut. The cash rate target is set by the RBA and influences how much commercial banks charge customers for borrowing money — it's currently at 4.35 per cent. All of the big four banks — ANZ, Commonwealth Bank, NAB and Westpac — reckon the RBA …

RBI rate-cutting cycle begins; are personal loan interest rates headed for fall?
1 month, 2 weeks ago

RBI rate-cutting cycle begins; are personal loan interest rates headed for fall?

Live Mint  

With the Reserve Bank of India slashing the repo rate by 25 basis points to 6.25 per cent, interest rates on fresh loans are likely to decline. With short-term funding available cheaply to banks, personal loans to retail borrowers could The 25 basis point cut in the repo rate is seen as the start of a rate cut cycle. However, …

Bank of England expected to cut key UK interest rate to 4.50%
1 month, 2 weeks ago

Bank of England expected to cut key UK interest rate to 4.50%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

RBA chief's major hint that there could soon be some VERY good news ahead for home-owners
3 months ago

RBA chief's major hint that there could soon be some VERY good news ahead for home-owners

Daily Mail  

The Reserve Bank has given a strong hint borrowers are getting some interest rate cuts in 2025 even though inflation is still too high. The Reserve Bank has given a strong hint interest rate cuts are coming even though inflation is still too high While headline inflation is at a three-year low of 2.8 per cent, the RBA regarded this …

The Federal Reserve lowers interest rates again — but hints at fewer cuts next year
3 months, 1 week ago

The Federal Reserve lowers interest rates again — but hints at fewer cuts next year

NPR  

The Federal Reserve lowers interest rates again — but hints at fewer cuts next year toggle caption Andrew Caballero-Reynolds/AFP The Federal Reserve lowered interest rates on Wednesday, but policymakers signaled caution about additional rate cuts next year in the face of stubborn inflation. That's less than three months ago when they were projecting a full percentage point in rate reductions …

The RBA is preparing for all economic scenarios, including an interest rate hike
3 months, 1 week ago

The RBA is preparing for all economic scenarios, including an interest rate hike

ABC  

The Reserve Bank may have dropped the phrase "not ruling anything in or out" in its interest rates commentary, but that does not mean an interest rate hike is completely out of the question. That is because, as Dr Hunter explained, it would mean the RBA's key policy goal of achieving its mid-point annual inflation target of 2.5 per cent …

Why the bout between the Reserve Bank and the federal government is about to heat up
3 months, 3 weeks ago

Why the bout between the Reserve Bank and the federal government is about to heat up

ABC  

There's an old adage that oppositions don't win elections, governments lose them. RBA Governor Michele Bullock says Australia's strategy of reducing inflation without stoking too much unemployment is part of the reason why it looks different to peer economies right now. RBA unlikely to react to October inflation data Photo shows Household money pic Australia's inflation rate remained steady in …

Bank of England cuts UK interest rates again despite modest budget-related inflation spike
4 months, 2 weeks ago

Bank of England cuts UK interest rates again despite modest budget-related inflation spike

Associated Press  

LONDON — The Bank of England cut its main interest rate by a quarter of a percentage point to 4.75% on Thursday after inflation across the U.K. fell significantly, relieving some pressure on borrowers who have faced elevated mortgage and loan costs. Though inflation has fallen below the bank’s target of 2%, Governor Andrew Bailey cautioned that interest rates would …

When the RBA cuts interest rates, housing affordability relief may only be temporary for first home buyers
5 months, 1 week ago

When the RBA cuts interest rates, housing affordability relief may only be temporary for first home buyers

ABC  

Housing is about to become more affordable. Why the RBA will be forced to cut before year's end Photo shows Shoppers walk through Pitt Street Mall With growth at the slowest pace in Australia since the recession of the early 1990s, we are now faced with an ongoing economic crisis in China — our biggest trading partner — and the …

The cheapest home loan interest rate in Australia as banks slash rates
5 months, 3 weeks ago

The cheapest home loan interest rate in Australia as banks slash rates

Daily Mail  

Australian borrowers tempted by lower fixed rate mortgages should not jump in too soon, amid predictions of even better deals on offer in 2025. Macquarie Bank on Thursday slashed its two and three-year fixed rates by 20 basis points to 5.39 per cent - now Australia's lowest mortgage rate outside of a green loan. But their lowest fixed rates are …

When will interest rates go down? Here's what you need to know ahead of today's RBA meeting
6 months ago

When will interest rates go down? Here's what you need to know ahead of today's RBA meeting

ABC  

The Reserve Bank of Australia board will announce its September cash rate decision on Tuesday at 2:30pm AEST. But when the RBA changes the cash rate target, interest rates for mortgages don't automatically change — the banks decide that. Ms Mousina says economic data since the RBA's last meeting shows: wages growth slowing job growth remaining solid the unemployment rate …

How the US Federal Reserve rate cut could impact the race for the White House between Harris and Trump
6 months, 1 week ago

How the US Federal Reserve rate cut could impact the race for the White House between Harris and Trump

ABC  

The US Federal Reserve has cut rates in a dramatic move that will have a major impact on the American economy and could help determine who occupies the White House for the next four years. By cutting rates by half a per cent, the Fed has signalled it thinks the battle against the high inflation that has plagued the US …

Why is the US cutting interest rates? What does it mean for Australia?
6 months, 1 week ago

Why is the US cutting interest rates? What does it mean for Australia?

ABC  

The US Federal Reserve has cut interest rates overnight in an important move for the global economy. Economists predicted the Fed would want to start cutting rates before inflation hits 2 per cent because there's a long lag time between interest rate movements and their effect on the economy. It means the Reserve Bank's cash rate target, which sits at …

The Federal Reserve starts cutting interest rates in a big moment for the economy
6 months, 1 week ago

The Federal Reserve starts cutting interest rates in a big moment for the economy

NPR  

The Federal Reserve starts cutting interest rates in a big moment for the economy toggle caption Win McNamee/Getty Images North America The Federal Reserve moved aggressively Wednesday to start cutting interest rates as its single-minded focus on fighting inflation gives way to a growing interest in protecting the job market. On average, members of the Fed's rate-setting committee expect borrowing …

Why the Reserve Bank will be forced to cut rates before year's end
6 months, 2 weeks ago

Why the Reserve Bank will be forced to cut rates before year's end

ABC  

Until just a few weeks ago, it seemed as though the developed world had pulled off what once was thought to be the impossible. And yet, despite this mounting evidence of a critical economic slump, there remains a rump of high-profile economists openly criticising the Reserve Bank of Australia's reluctance to push interest rates above 5 per cent. Parliament House …

The US is about to start cutting interest rates, so expect Australia to follow
6 months, 3 weeks ago

The US is about to start cutting interest rates, so expect Australia to follow

ABC  

Just three weeks ago, Reserve Bank Governor Michele Bullock declared interest rate cuts unlikely in the next six months. But if there was any doubt about what's going to happen to global interest rates, the US Federal Reserve chair Jerome Powell removed it on Saturday. Rate cuts by the US Fed and other central banks will create a near-irresistible pressure …

Why Reserve Bank of Australia boss Michele Bullock is refusing to consider cutting rates soon - even though mortgage holders in New Zealand, Canada, UK and EU have already had some relief
7 months, 1 week ago

Why Reserve Bank of Australia boss Michele Bullock is refusing to consider cutting rates soon - even though mortgage holders in New Zealand, Canada, UK and EU have already had some relief

Daily Mail  

The woman who decides the fate of millions of mortgage holders has declared a rate cut won't be happening anytime soon - despite what other countries have done this year. Reserve Bank Governor Michele Bullock told a parliamentary hearing on Friday that Australia would not be copying the approach of other central banks that have cut rates this year, with …

The RBA says don't expect interest rate cuts for six months. Here's why it could be sooner
7 months, 2 weeks ago

The RBA says don't expect interest rate cuts for six months. Here's why it could be sooner

ABC  

Days ago, at the start of last week, there was talk of a Reserve Bank rate hike. So despite what the Reserve Bank governor said on Tuesday, here's why so many people expect interest rates will have to come down — possibly sooner than predicted. It was 3.6 per cent by March, then 3.8 per cent in June, and will …

RBA's Michelle Bullock says no cuts expected in next six months after leaving interest rates on hold
7 months, 2 weeks ago

RBA's Michelle Bullock says no cuts expected in next six months after leaving interest rates on hold

ABC  

The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent. "Financial markets have been volatile of late and the Australian dollar has depreciated," the RBA Board said in a statement. "In doing so, it will continue to pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the …

Why the Reserve Bank of Australia should hold off on interest rate hikes in August
7 months, 3 weeks ago

Why the Reserve Bank of Australia should hold off on interest rate hikes in August

ABC  

There's a curious thing about openness, communication and transparency. Because, despite recently showing a real reluctance to want to push interest rates even higher, she and her Reserve Bank of Australia colleagues have for the past two years made it abundantly clear that they were committed to hammering inflation into submission. Money markets right now have just a one-in-five chance …

Big banks cut deposit rates to strengthen sector stability
8 months ago

Big banks cut deposit rates to strengthen sector stability

China Daily  

This file photo shows a worker counting Chinese currency at a bank in Lianyungang, East China's Jiangsu province. Several major Chinese commercial banks cut deposit rates on Thursday, signaling a new round of deposit rate cuts that could pave the way for further reductions in policy benchmarks of lending rates to bolster economic growth, market analysts said. The LPR reduction …

Why property and stock markets are thumbing their noses at rate hikes
8 months, 3 weeks ago

Why property and stock markets are thumbing their noses at rate hikes

ABC  

This time it's different. Photo shows RBA governor Michele Bullock at press conference Rate rise after rate rise should have sent the economy into a tailspin, but the RBA isn't fighting a textbook case of inflation. And it's seen central bankers scrambling to try to nut out just why developed economies aren't reacting to interest rate hikes the way they …

UK interest rates: Bank of England announces interest rate decision after fall in inflation
9 months ago

UK interest rates: Bank of England announces interest rate decision after fall in inflation

The Independent  

✕ Close Related video: Parents financially supporting Gen Z highlights current economic woes Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read …

RBA's 'narrow path' gets narrower with an interest rate rise more likely than a cut
9 months, 1 week ago

RBA's 'narrow path' gets narrower with an interest rate rise more likely than a cut

ABC  

You could see, hear and feel the pressure on Reserve Bank boss Michele Bullock at yesterday's press conference, held after an angst-filled decision to do nothing. Before being peppered with questions, the RBA governor prefaced the discussion by outlining the "complex" economic dilemma the bank's board confronts. "I think the RBA probably should have increased rates a little bit further, …

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high
10 months, 2 weeks ago

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high

ABC  

Please make it stop. That's what Michele Bullock must say to herself after RBA board meeting days, when journalists conjure a dozen different ways to ask the same question — what's going to happen with interest rates? Over the past year, the inflation rate for discretionary goods and services has been within the RBA's 2-3 per cent target band, at …

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band
1 year ago

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band

ABC  

The Reserve Bank has left interest rates on hold amid signs that growth in the economy has dramatically slowed down following 13 interest rate rises since May 2022. The cash rate remains at 4.35 per cent, and while the central bank gave no clear indication of where it was headed next, saying it was "not ruling anything in or out", …

Why the RBA may be forced to cut interest rates before the Fed
1 year, 1 month ago

Why the RBA may be forced to cut interest rates before the Fed

ABC  

There's been a nearly universal assumption by both analysts and traders that the US Federal Reserve will effectively kick off the global rate-cutting cycle for developed economy central banks. While the average mortgage rate in Australia has risen by 3.2 percentage points since the RBA started hiking, US home borrowers, on average, have seen their interest rates rise 0.5 of …

Highest interest rates for fixed-term deposit savings falls below 4 percent
1 year, 1 month ago

Highest interest rates for fixed-term deposit savings falls below 4 percent

NL Times  

Savers wanting to lock up interest rates for fixed-term deposit accounts will now receive a lower interest rate than before. The highest interest rate dropped back below 4 percent for savings accounts where money may not be accessed for a specified period of time. By lowering this interest rate, banks are signalling their anticipation that the European Central Bank will …

Commonwealth Bank forecasts massive interest rate cuts for Australians: Here's when the country's biggest bank predicts they will begin
1 year, 3 months ago

Commonwealth Bank forecasts massive interest rate cuts for Australians: Here's when the country's biggest bank predicts they will begin

Daily Mail  

The Commonwealth Bank is now forecasting six interest rate cuts in 2024 and 2025 - starting in September next year as Australian inflation moderates faster than predicted. Mr Halmarick is basing his prediction of 150 basis points of rate cuts, in 2024 and 2025, on inflation falling back to the top of the Reserve Bank's two to three per cent …

Why further RBA interest rate hikes are less likely now than even one week ago
1 year, 4 months ago

Why further RBA interest rate hikes are less likely now than even one week ago

ABC  

Since Australia's Reserve Bank hiked interest rates two weeks ago, there have been two important developments — one in the United States and the other in the United Kingdom. In this way, decisions made in the US not to increase interest rates or even to cut them make it easier for Australia's Reserve Bank not to increase rates — or …

The RBA has hiked the cash rate again. Here's how the banks have responded
1 year, 4 months ago

The RBA has hiked the cash rate again. Here's how the banks have responded

ABC  

The Reserve Bank of Australia hiked the cash rate by 0.25 percentage points after the monthly meeting on Tuesday. For mortgage holders: The standard variable home loan interest rate will increase by 0.25 per cent per annum, effective from November 17, 2023. For mortgage holders: Variable interest rates across home loan products will increase by 0.25 per cent per annum …

Why did the Reserve Bank leave interest rates on hold at 4.1 per cent? What does it mean for inflation? When will the RBA start cutting rates?
1 year, 5 months ago

Why did the Reserve Bank leave interest rates on hold at 4.1 per cent? What does it mean for inflation? When will the RBA start cutting rates?

ABC  

For the fourth-straight month, the Reserve Bank of Australia left the cash rate on hold at 4.1 per cent at its meeting on Tuesday. In other words, the RBA says the impact of past rate hikes are doing the business at keeping inflation lower and sending it back down to its target range of 2-3 per cent. The RBA has …

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point
1 year, 5 months ago

Reserve Bank keeps interest rates on hold but many more Australians to soon hit breaking point

ABC  

The Reserve Bank of Australia held its meeting today — the first chaired by new governor Michele Bullock – and economists and markets were right in widely tipping that it would keep interest rates on hold. Some fear this "higher for longer" interest rate environment that central banks have warned of could mean we soon hit a breaking point. The …

Which banks have passed on the June RBA rate rise to mortgage borrowers?
1 year, 9 months ago

Which banks have passed on the June RBA rate rise to mortgage borrowers?

ABC  

Following the Reserve Bank of Australia's decision to bump up the cash rate target for the 12th time, some major banks have already responded to the increase. It announced it would increase its home loan variable interest rates by 0.25 per cent per annum for new and existing customers from June 20. Variable interest rates across ANZ’s Australian home loans …

RBA delivers 'massive' interest rate hit to millions of Australians already struggling with overwhelming cost pressures
1 year, 10 months ago

RBA delivers 'massive' interest rate hit to millions of Australians already struggling with overwhelming cost pressures

ABC  

It was designed to shock, and it did just that. On Tuesday, the Reserve Bank of Australia increased its cash rate target — after a month's pause — by 0.25 percentage points, to 3.85 per cent. "Don't forget that the RBA estimates that 15 per cent of variable rate borrowers will move into negative cash flow by year's end if …

Banks are paying savers again after many years of low rates
1 year, 11 months ago

Banks are paying savers again after many years of low rates

Associated Press  

NEW YORK — Americans are finally reaping some benefit from keeping their money in the bank. That has prompted banks to pay higher interest on traditional savings products like money market funds, certificates of deposit and regular savings accounts. In a sign of how competitive it is getting for bank deposits, electronics giant Apple Inc. unveiled a savings account that …

Banks are paying savers again after many years of low rates
1 year, 11 months ago

Banks are paying savers again after many years of low rates

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. That has prompted banks to pay higher interest on …

Federal Reserve hikes interest rates but gives RBA room to pause
2 years ago

Federal Reserve hikes interest rates but gives RBA room to pause

ABC  

Never waste a crisis. "We did consider that in the days running up to the meeting," Powell told reporters in a press conference after today's rate rise decision, referring to a period where the banking crisis threatened to spiral out of control. But Powell was keen to maintain a link between the US banking crisis and inflation when explaining why …

Why RBA interest rate hikes could end by September – but brace for at least one more
2 years ago

Why RBA interest rate hikes could end by September – but brace for at least one more

ABC  

Tuesday's 10th successive Reserve Bank interest rate hike is the culmination of a process that has added $1,080 to the monthly cost of payments on a $600,000 variable mortgage. I've calculated this increase in payments — which amounts to $12,960 per year — by comparing payments on the National Australia Bank's base variable mortgage rate before the Reserve Bank started …

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it
2 years, 1 month ago

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it

ABC  

Whenever interest rates went up in the past, I used to get told it wasn't all bad news. "This time last year, the four major banks, nobody, no bank was offering more than 0.3 per cent on their savings account," she told the Australian Financial Review this month. The web comparison site Canstar finds the average big bank introductory rate …

Discover Related