BoQ and bankmecu follow RBA & cut rates

Only two lenders made changes to their standard variable mortgage rates yesterday, following the Reserve Bank of Australia's announcement that it had cut the cash rate by 25 basis points, to 3.25 per cent.

That left plenty of room for speculation about how much of the cash rate change the major lenders would pass on.

Bank of Queensland said it would cut its standard variable rate by 20 basis points, to 6.71 per cent, effective from October 19. Bankmecu said it would cut by 25 basis points, effective October 15.

Source: Banking Day