With all four of the majors passing on some or all of the Reserve Bank’s 25 basis point rate cut, the time has come for Australia’s non-majors to jump on the bandwagon.
Yesterday, AMP, Suncorp and ING DIRECT all passed on the full 0.25 per cent rate cut to their borrowers.
Speaking about the rate cut, ING DIRECT’s chief executive Don Koch said the Reserve Bank’s announcement had come just at the right time.
“The rate cut is timely and will provide home buyers and households with much needed confidence,” he said.
“We are pleased the RBA has decided to cut the cash rate and that we are in the position to pass on the full 25 basis points to our mortgage customers.”
The lender’s Mortgage Simplifier product now boasts a new rate of 6.87 per cent.