Banks now on the money

Banks now on the money

According to an article by AAP today, four of Australia’s five biggest banks have passed on the central bank’s quarter of a percentage point rate cut in full.

AAP stated that the news came about soon after the Reserve Bank of Australia cut the cash rate by a quarter of a percentage point to a record low of 2.75 per cent, in an effort to boost economic growth.

To read the article in full click here.

The article also stated that of the big four banks:

  • NAB cut its standard variable home loan rate to 6.13%
  • CBA cut its variable rate to 6.15%
  • St George and Westpac announced a quarter of a percentage point cuts to their standard variable rates.
  • ANZ will hold its monthly rate review on Friday.

If you are looking for advice on your loan arrangments, contact UGC today and speak with one of our financial strategists for a No Cost, No Obligation consultation on 03 8657 7640 or email [email protected]. We would be more than happy to review your current arrangements and give you the advice you need for a more secure financial future.

The information contained in this report is General in nature and has been prepared without taking into account your objectives, financial situation and needs.

Recent stories

There’s more than one way to boost your retirement income

After spending your working life building retirement savings, you may be reluctant to eat into your “nest egg” too quickly.…

Read more

Downsizing in retirement

If you’re thinking about selling your home and downsizing, consider the pros and cons. Check if selling your home affects…

Read more

Getting a good balance in 2021

By Tony Kaye, Senior Personal Finance Writer, Vanguard Australia Reviewing the structure of your investment portfolio is an important and…

Read more

What exactly is inflation?

By Beatrice Yeo, Economist, Vanguard Australia The Reserve Bank of Australia has recently made an unprecedented change to the way…

Read more

What Is A Home Equity Loan?

A way to utilise the equity in your home. Many Australians own homes that are now worth far more than…

Read more