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.
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