Bank has announced it will reduce its standard variable home loan interest rate by 10 basis points for both owner occupiers and investors, following the Reserve Bank’s cash rate decision.
The non-major lender will also reduce its small business variable interest rate by 15 basis points.
Banking and Wealth CEO, John Nesbitt, has also pointed to increased funding and regulatory costs to explain its decision not to pass the rate cut on in full.
“While funding and regulatory costs for banks have increased, we continue to balance the needs of borrowers and savers.
“We acknowledge our role in helping to stimulate the economy, and boost business and consumer confidence.
“Maintaining our competitiveness, while creating value for our customers, the community and our shareholders, remains our priority.”
Nesbitt is encouraging consumer to focus on more than just rate.
“It’s a competitive market and home loan customers should focus on the products and solutions that best suit their needs.,” he said.