NAB, Bankwest and Bendigo cut rates one week late

BankWest has cut its standard variable rate by 80 basis points from 9.25 per cent to 8.45 per cent. The popular Rate Tracker home loan will also move 80 basis points from 8.35 per cent to 7.55 per cent. The new rates will be effective from 17 October 2008. The bank's fixed rate mortgage and deposits are currently under review, said BankWest. Bendigo has lowered its residential variable home loans by 80 basis points to 8.6 per cent for new and existing customers from October 20, the bank said. Australia's big five lenders reduced their variable mortgage rates by 80 basis points yesterday, with all banks set to pass on the cut from next Monday October 13, except for Bendigo and National Australia Bank. NAB will cut its variable rate from October 20.

Source: AAP/News