ANZ passes on more rate cuts than other big banks

So far this year, the Reserve Bank has cut 100 basis points from the cash rate – yet Australia’s major lenders have refused to follow suit.

National Australia Bank has cut the interest on its standard variable rate by just 73 basis points since the beginning of the year. Westpac has passed on just 75 basis points, while the Commonwealth Bank of Australia has passed on 81 basis points.

ANZ has passed on the greatest interest rate cuts to borrowers – trimming 82 basis points from its standard variable rate since the beginning of the year.

Source: The Adviser

Advertisement