Commonwealth cuts loan rates by 0.40 per cent

Commonwealth Bank has moved to lower their standard variable interest rate by 40 basis points following the Reserve Bank's 50 basis point cut on Tuesday.

CBA did not reveal its rate changes for deposits, saying those rates remain under review.

Standard variable rate loans at CommBank will be 7.01 per cent, effective Friday, May 11.

The move outpoints National Australia Bank, which yesterday cut 32 basis points from its borrowing rates. NAB’s standard variable mortgage rate is now 6.99 per cent.

Westpac and ANZ are yet to announce their decisions. ANZ is due to release its decision next Friday.

Source: Sydney Morning Herald