Late rate moves for two lenders

by Adam Smith14 May 2012

More lenders have announced late rate cut moves, but only two have passed on the RBA's full 50bp cut.

ANZ announced its rate decision on Friday, the final major bank to make the move. The lender announced it would drop its standard variable rate 37bps to 7.05%, higher than CBA at 7.01% and NAB at 6.99%, but lower than Westpac at 7.09%.

ANZ Australia chief executive Philip Chronican again claimed the bank was the victim of funding pressures and higher deposit rates, and pointed to "ongoing volatility" in wholesale funding markets.

AMP Bank has also announced cuts across its variable rate suite. The lender reduced its variable rates by 35bps, bringing its standard variable rate to 7.07% and its Essential Home Loan product to 6.10%.

Of the lenders who have now announced rate changes, comparison site RateCity has claimed only two - Unicredit WA and the NSW Police Credit Union - have passed on the full RBA cut.

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