After the RBA’s decision to cut their cash rate by 25 basis points yesterday, big bank ANZ responded by dropping its home loan rate by just 0.18%, leaving both customers and the RBA disappointed.
RBA governor Phillip Lowe spoke at the board dinner last night and indicated that dissatisfied customers, such as those from ANZ, should seriously consider switching banks, reported by the Sydney Morning Herald.
"I didn't say they would pass it through, I said they should pass it through. It's disappointing to me that that hasn't been the case," Dr Lowe said.
“All I can do is encourage people to shop around. If your bank has not passed this through, then I encourage you to go and look for a better deal somewhere else.”
Not all of the big four ignored the RBA’s advice though, both NAB and Commonwealth Bank passed on the full cut, and while Westpac passed on only a 0.20% cut for owner occupiers they dropped by 0.35% to investors with interest only repayments.
So, if you’re thinking you might need to ditch your current lender for a better deal on your home loan, take a look at these hot home loan deals.