Westpac gives business and farmers full rate cut

Westpac has passed on the full 0.5 per cent variable cash rate cut announced by the Reserve Bank of Australia last week to business borrowers.

Agribusiness loans falling into the business category will benefit from the full rate cut, but more agribusiness lending tends to follow the bank bill market, which fluctuates daily and was falling before the RBA cut official rates from 4.25% to 3.75% on Tuesday.

Source: Stock & Land