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AMP has surpassed the major banks and passed on the full 75 basis points of the RBA’s Tuesday rate cut.
But despite delivering the full three quarter percent cut, AMP’s standard variable rate at 7.87 per cent remains 0.16 per cent higher than the best rate available from the major banks.
The announcement came as ANZ passed on just 58 basis points of the RBA reduction, in line with CBA while NAB passed on 62 basis points.
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The reductions bring both NAB and ANZ’s standard variable home loan rates to 7.74 per cent – in line with CBA and slightly higher than Westpac’s 7.71 per cent.
Published: 06-11-08
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