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.
The Commonwealth Bank said yesterday it hoped to pass on the full benefit but would need to review funding costs when the time came.
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