Westpac is the second major bank to move on yesterday’s RBA rate reduction, announcing a 0.65 per cent drop to its standard variable lending rate this afternoon.
The reduction brings Westpac’s SVR home loan to 7.71 per cent, effective Monday November 10.
Speaking on the decision to not pass on the full 75 basis points, Peter Hanlon, Westpac group executive of retail and business banking, said the lender was sensitive to the challenges being faced by many working families, however it “was still having to meet substantially higher funding costs”.
CBA was the first bank to respond to yesterday’s rate reduction, dropping its standard variable home loan by 0.58 per cent to 7.74 per cent.
Today's other newsRate cut welcomed but banks slow to pass on
Who do you aggregate through?
Thank you for your vote, you can see the results here.
Mortgage Choice has announced that Citi’s former head of bankin...
The major bank has announced that it will extend the maximum loan...
Credit growth has waned as a result of a sharp drop-off in busine...