No big bank rate cuts yet

So far, none of the four major banks – ANZ Bank, Commonwealth Bank, National Australia Bank and Westpac – have followed Tuesday's 25 basis point cut by the Reserve Bank of Australia which would reduce monthly repayments on an average $300,000 variable rate mortgage by around $47 if the cut was passed on in full.

Westpac and Commonwealth Bank have told AAP their variable home loan rates were under review. A spokeswoman for National Australia Bank said it would stand by its commitment to have the lowest standard variable rate of the four major banks in 2012. ANZ Bank reviews its rates on the second Friday of every month.

Source: Business Spectator