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Lenders swift to pass on RBA rate cut

by Staff Reporter7 minute read

Lenders were quick to pass on today’s RBA rate cut of 0.25 per cent, with a flurry of rate announcements coming through to Mortgage Business moments after the announcement.

Westpac, NAB, CBA and ANZ all cut their standard variable rates by 0.25 per cent moments after the 2.30pm RBA announcement.

NAB executive director and CEO Ahmed Fahour said he was “delighted” to be able to pass the reduction on “as promised”.

He said NAB would continue to monitor wholesale funding markets and that any future rate decisions would reflect an assessment of the total cost of funding a mortgage.

Westpac’s group executive of retail and business banking Peter Hanlon said “although funding costs remain volatile” he was pleased “to be able to deliver some rate relief”.

St George announced a 0.30 per cent cuts to its standard variable rate while HSBC, Adelaide Bank and RAMS were also among those lenders who have confirmed a 0.25 per cent reductions to lending rates this afternoon.

Published: 2-09-08

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