Big Four Banks pass on RBA rate cut

The four major banks passed on the Reserve Bank of Australia (RBA) rate cut namely: Australian and New Zealand Bank (ANZ), National Australia Bank (NAB), Westpac (WBC) and Commonwealth Bank (CBA). These are the big four banking peers who bounce and influenced on RBA rate cut decision. ANZ has become the 3^rd major banks passes on bank rate cut in full. ANZ reduce it interest rate by 0.25% for variable rate mortgage and 7.55% for standard variable rate. Westpac is the 2^nd country’s biggest home loan lender and passes to RBA with 0.2% point rate cut in full and 7.6% for standard variable rate. CBA is the Australia’s biggest home lender and passes to RBA’s rate cut with 7.66% for standard variable rate. NAB is yet to announce their interest rates are under review and consistently tried to undercut its rivals to win market share. Melbourne-based ANZ stated that the new standard variable rate will be 7.55%

According to ANZ CEO Australian Philip Chronican said, “We’re acutely aware that many of our customers are doing it tough and despite higher funding costs we’re pleased to be able to pass on the reduction in the cash rate in full.” If interest rate will cut, mortgage rate will reduce and generate flow-on effect for growing and expanding Australian Economy.