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ANZ chief Mike Smith today confirmed the bank would pass on the full benefit of a rate cut next month, provided funding costs remained at current levels.
“It’s unusual to be asked what we are going to do ahead of a rate cut,” Mr Smith conceded, “but on what we know today, this is a pretty simple equation.”
“If funding costs continue at the current levels and the Reserve Bank do actually cut rates, then there will be a full flow on to our mortgage customers,” he said.
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The Commonwealth Bank said yesterday it hoped to pass on the full benefit but would need to review funding costs when the time came.
Published: 22-08-08
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