A gap of 0.26 per has cent opened up between the comparison rates offered by the big banks following the RBA’s December 100 basis point cut.
In what has been a previously tight field, a significant gap has now opened between the major banks. With such a wide spread between the big five’s SVRs, potential has increased for other lenders to regain market share.
CBA and NAB were the only two majors to pass on the total 100 basis points reduction to borrowers; both banks’ standard variable interest rates will fall to 6.74 per cent as of next Friday.
But while the two banks’ SVRs are on par, CBA has come out on top with the cheapest comparison rate of 6.86 per cent. NAB will be just behind with a comparison rate of 6.87 per cent.
Westpac, which passed on 80 basis points to borrowers, will have the highest comparison rate of all the majors at 7.12 per cent – a gap of 0.26 per cent.
St George and ANZ, who passed on 85 and 83 basis points respectively, will offer comparison rates of 7.05 and 7.01 per cent.
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