Westpac, ANZ pass on full rate cut

Westpac is the first of the major banks to commit to passing on the Reserve Bank's one per cent rate cut in full. Westpac's standard variable rate will fall to 5.91 per cent, effective from Monday next week. ANZ will also pass on the full cut from next Friday. The RBA cut the official cash rate to 3.25 per cent effective from today, the lowest level for interest rates since 1964. On a $400,000 mortgage the savings on repayments after the rate cut is about $248 per month.

Source: Sydney Morning Herald