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November Interest Rate Update
With the global economy resuming growth, the RBA announced a 0.25% increase in the Cash Rate for the second consecutive month in November taking the official cash rate to 3.5 per cent.
As many leading economists / analysts predict that interest rates will rise by at least another 1.5 per cent over the next 12 months and while interest rates return to more normal levels, borrowers are advised to budget for future interest rate rises to ensure they are able to service their loan repayments. There has never been a better time to keep a close eye on your banking products and shop around to see what is available in the market.
While most of the media attention is usually focused on home loans and how lenders have reacted to the RBA rate increase, it is imperative for consumers to consider the rate changes that have been applied to all bank products.
We have captured a list of standard products across key categories listed on Infochoice.com.au and monitored how these products have reacted to the recent RBA rate announcements.
High Interest Savings Accounts
Big 4 Banks
| Institution | Product Name | Old Value | New Value | Date of Change | Change Value |
| ANZ | ANZ Online Saver | 3.50 | n/a | n/a | 0.00 |
| Commonwealth Bank | NetBank Saver | 3.00 | 3.25 | 09/11/2009 | 0.25 |
| NAB | NAB iSaver | 3.00 | 3.25 | 06/11/2009 | 0.25 |
| Westpac | eSaver | 3.00 | 3.25 | 06/11/2009 | 0.25 |
Rate Movements less than Cash Rate Increase
| Institution | Product Name | Old Value | New Value | Date of Change | Change Value |
| Bankwest | TeleNet Saver | 3.35 | 3.55 | 9/11/2009 | 0.20 |
Products which have not passed on a standard variable rate increase from October / November announcement
| Institution | Product Name | Current Rate |
| ANZ | ANZ Online Saver | 3.50 |
| Australian Central Credit Union | e-Savings Account | 3.00 |
| Bananacoast Community Credit Union | BCU Direct Saver Online S16 | 3.50 |
| Comtax Credit Union | Easy Saver (S4) | 3.50 |
| First Choice Credit Union | On-line Savings | 3.50 |
| HSBC | HSBC Serious Saver | 3.25 |
| Hume Building Society | iSave | 3.60 |
| Maleny & District Community Credit Union | E-Saver Account | 3.90 |
| Rural Bank | RBonline Savings | 3.75 |
Click here to compare high interest savings accounts.
Standard Variable Rate Home Loans
Big 4 Banks
| Institution | Product Name | Old Value | New Value | Date of Change | Change Value |
| ANZ | ANZ Standard Variable Loan | 6.06 | 6.31 | 09/11/2009 | 0.25 |
| Commonwealth Bank | Complete Home Loan Standard | 5.99 | 6.24 | 09/11/2009 | 0.25 |
| NAB | NAB Tailored Home Loan - Variable Rate | 5.99 | 6.24 | 06/11/2009 | 0.25 |
| Westpac | Premium Option Home Loan | 6.06 | 6.31 | 06/11/2009 | 0.25 |
Click here to compare variable rate home loans.
Credit Cards
Big 4 Banks
| Institution | Product Name | Old Value | New Value | Date of Change | Change Value |
| ANZ | ANZ Low Rate MasterCard | 11.99 | 12.24 | 10/11/2009 | 0.25 |
| Commonwealth Bank | Low Rate Credit Card | 11.99 | 12.24 | 13/11/2009 | 0.25 |
| NAB | NAB Low Rate Visa Card | 10.99 | : | : | : |
| Westpac | Westpac Low Rate | 11.99 | 12.24 | 13/11/2009 | 0.25 |
Rate Movements greater than Cash Rate Increase
| Institution | Product Name | Old Value | New Value | Date of Change | Change Value |
| Westpac | Altitude (Standard / Gold / Platinum) | 18.09 | 18.44 | 13/11/2009 | 0.35 |
| Westpac | Earth (Standard / Gold / Platinum) | 18.09 | 18.44 | 13/11/2009 | 0.35 |
Click here to compare low rate credit cards.
Related LinksInterest Rate Special
Home Loan Calculators
Ask the Expert
Interest Rate Feature
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Australians are inadequately prepared to cover the rising costs of home loan repayments following the anticipated return to more 'normal' interest rate levels. Read More...
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