Cash rate cut passed on to Commonwealth Bank customers
The Commonwealth Bank of Australia (CBA) has announced that the latest reduction in the cash rate by the Reserve Bank of Australia (RBA) will be passed on to its customers.
Earlier today (November 1st), the central bank announced that there will be a 25 basis point cut, which takes the cash rate down to 4.5 per cent as of tomorrow.
Bank of Queensland (BoQ) has also pledged to pass on the cut to borrowers, making it the second financial institution to take this step.
The CBA interest rate cut will take its standard variable home loans down to 7.56 per cent and it will be in effect from November 4th onwards.
With the 25 basis point reduction, the BoQ cut takes its standard variable home loan down to 7.61 per cent and this will begin on November 11th.
Governor of the RBA Glenn Stevens said in a statement that a neutral stance of monetary policy will help stimulate sustainable growth.
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