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The major banks have wasted no time in passing on yesterday’s 100 basis point cash rate reduction.
Westpac was first to move, announcing that it would pass on the rate cut in full less than one hour after the Reserve Bank’s official statement.
As of Monday 9 February Westpac’s standard variable home loan will fall to 5.91 per cent.
Prime Minister Kevin Rudd had urged the banks yesterday to pass on the full reduction, reminding them of all the help they had received from the government throughout the challenging economic conditions.
"The banks have benefited from various things the Government has done for them, not least of which was the two sets of guarantees covering deposits and wholesale funding," he said yesterday.
"Therefore I'd say to the banks… I would strongly urge the banks to take an open-hearted and compassionate approach to people and small business who find themselves in strife for which those people are not to blame."
CBA, NAB and ANZ have also confirmed they will pass on a 100 basis point reduction to their home loan customers.
CBA and NAB will offer the lowest standard variable rates among the big four of 5.74 per cent while ANZ’s standard variable will reduce in line with Westpac’s to 5.91 per cent.
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