Interest rate picture becomes clearer

Monday 11 June 2012

Article by Mozo

All four of Australia's major banks have now cut their interest rates in some shape or form.

The Reserve Bank of Australia slashed the national cash rate by another 25 points last week, which followed a 50-point reduction in May.

Mortgage holders have been following the actions of ANZ, Commonwealth Bank, National Australia Bank (NAB) and Westpac ever since.

ANZ has passed the cut on to its home loans customers in its entirety, but the other lenders that make up the "big four" have held back slightly.

Westpac lowered its rates by 20 points, while the Commonwealth Bank and NAB both sanctioned cuts of 0.21 per cent.

The former stated that the new rates would take effect from Monday June 18th and the standard variable rate would now stand at 6.8 per cent per annum.

"In making this decision, the group has continued to balance the interests of its 1.8 million home loan borrowers with those of its 11 million depositors and those of its shareholders," a statement from the Commonwealth Bank read.

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Interest rate picture becomes clearer

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