Bankwest follows CBA rate move

by Adam Smith08 Nov 2011

Bankwest has followed parent company CBA in reducing its rates in line with the RBA cash rate move.

The bank announced it will cut rates on all its variable rate home loan products by 25bps. The move is set to take effect from 14 November. Rates on the bank's Rate Tracker and Rate Tracker Ultra products will not decrease until 18 November, which the bank said is in line with the products' terms and conditions.

With Bankwest's move, all the majors and their subsidiaries have now dropped their variable rates. NAB made headlines last week when it chose to pass on only 20bps of the RBA cut, arguing that the partial move still gave it the lowest variable rate among the majors.

Second tiers have also moved on rates, with ING Direct, Suncorp and Bank of Queensland also announcing 25bp cuts.

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