ANZ, NAB, Westpac and Commonwealth Bank Pass on Full Rate Cut

Yesterday saw ANZ to be the first of the big banks to pass on the full interest rate cut to its variable rate customers.

Later that day NAB, ING Direct and Commonwealth Bank followed. Westpac waited until the evening to announce their intention. I expect all the second tier banks and other lenders to follow.

Obviously, from this behaviour I expect that we will not see full interest rate cuts in the future or interest rate increases outside the Reserve Bank of Australia’s recommendations.

We will keep you updated when the lenders will be passing on the interest rate cuts and the new standard variable rates for each bank and lender.

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