Lenders pass on RBA rate cut
Commonwealth Bank and Westpac, which control 54 per cent of the home loan market between them, responded immediately to the news of a 25 basis point cut in the cash rate yesterday by announcing they would match the cut.
Westpac’s standard variable rate will fall to 7.61 per cent on November 14. Commonwealth’s rate cuts take effect on November 4. The rate for the Complete Home Loan Variable Rate will fall to 7.56 per cent.
Bank of Queensland, Horizon Credit Union and Newcastle Permanent all said they would pass on the 25 basis point cut. The rate of Newcastle Permanent’s Real Deal loan will fall to 6.7 per cent.
Loans.com.au, has a range of rate-tracker products whose rates move in line with changes in the cash rate. Borrowers with a Dream Loan Express loan, the lender’s most popular product, will see their rates cut from 6.69 per cent to 6.44 per cent.
Source: Banking Day