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 info@ugc.net.au. 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.