Lenders pass on most of RBA move
Following yesterday's cut in official interest rates, most banks, building societies and mortgage originators have moved their rates – although the cuts have not been uniform.
Some lenders have moved rates on basic loans more than on standard variable loans, whilst others have passd on more than the 0.5% on some loans including business loans and credit cards.
There are the usual delays in the new lower rates coming into effect, although not as much as we have seen in previous cuts. The average of the big four's delay this time is 39 days, vs. 58 days following the May 23 rd rate cut.