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Bankwest passes on RBA rate cut

08/11/2011

Bankwest has followed parent company CBA in reducing its rates on all its variable rate home loan products by 25bps. The move is set to take effect from 14 November.

Rates on the bank's Rate Tracker and Rate Tracker Ultra products will not decrease until 18 November, which the bank said is in line with the products' terms and conditions.

With Bankwest's move, all the majors and their subsidiaries have now dropped their variable rates. NAB chose to pass on only 20bps of the RBA cut, arguing that the partial move still gave it the lowest variable rate among the majors.

ING Direct, Suncorp and Bank of Queensland also announced 25bp cuts.

Source: Broker News



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