Banks not passing on RBA rate cut
Thursday April 9, 2009
Banks across Australia still have not passed on the interest rate cut as made by the Reserve bank of Australia, despite political and public pressure follow suit. The Reserve Bank has taken another 0.25 percent off interest rates, but there has been a delayed response, if any, from banks across Australia.
At time of writing, the Commonwealth Bank had only passed on 0.1 percent of this interest rate cut which equals less than half the official cut, while the National Australia Bank had not passed on any of the interest rate cut onto its home loan customers.
Most other banks were still deliberating their decisions including ANZ, Westpac and Bendigo banks.
The banks stated that their decision to hold off on any interest rate cuts is based on that their own costs of providing loans to their banks customers had risen in costs.
The Commonwealth Bank currently has on offer the lowest variable home rate at 5.64 percent out of all the major Australian banks while both Westpac and ANZ offer the highest at 5.91 per cent.
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