ING Direct passes on full RBA rate cut

ING Direct will lower its variable mortgage rates by the full 0.25 per cent from 24 December.

ING Direct's chief financial officer, Glenn Baker, said the bank's funding position had eased recently, allowing it to pass on the full 25 basis points. “"However, the threat of elevated funding costs has not passed completely,” he added.

ING Direct will also drop its deposit rates by 0.25 per cent, a spokesperson confirmed. Other institutions made no announcements yesterday but are expected to make some adjustments in the coming days.

Source: Banking Day