Majors round out rate moves ...

by Adam Smith12 Jun 2012

The big four have completed their latest round of rate cuts, with only one passing on the full 25bp RBA cut.

ANZ was the only major to follow the Reserve Bank, dropping rates by the full 25bps to 6.80%. Westpac followed with a 20bp cut to take its rate to 6.89%, and Commonwealth Bank moved by 21bps to drop its standard variable rate to 6.80%.

But NAB has retained its spot as cheapest among the majors. The bank mirrored CBA's move of 21bps, taking its standard variable rate to 6.78%. NAB group executive of personal banking Lisa Gray said the bank remained committed to having the lowest rate among the majors.

"These are always difficult decisions to strike the right balance between our mortgage holders and our deposit holders but we will continue to have the lowest standard variable home loan rate of the major banks for 2012 – as we have for the past 35 months," she said.

COMMENTS

  • by Loz 12/06/2012 10:41:32 AM

    I am not surprised that ANZ moved as it has, it has managed to really piss its customer base off.

    The one that doesnt surprise me is Westpac, their customers seem to be incredibly loyal and happy to pay more than they should...