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