ANZ the last of the big four banks to pass on the full rate cut

ANZ the last of the big four banks to pass on the full rate cut
ANZ the last of the big four banks to pass on the full rate cut

ANZ have completed a clean sweep of the big four banks who have now all passed on the official RBA rate cut.

ANZ group executive Australia retail & commercial Mark Hand said the decision by the Reserve Bank to reduce the cash rate to historically low levels highlights the significant impact the outbreak of COVID-19 is already having on the global economy.

“While there were a range of factors considered in making this decision, ANZ is prepared to play its role in supporting both our customers and the broader economy through this period of uncertainty", Hand said.

“Customers wanting to increase the money in their pocket each month can contact us to decrease their monthly minimum payments. We also have competitive fixed-rates available for those looking to lock in these historically low rates."

Westpac went first, cutting within minutes of the announcement, having been the last in to action in October.

CBA followed Westpac's cut about half an hour later, then NAB, and now ANZ.

CBA are the most likely to face scrutiny, not passing on the rates until March 24.

Westpac will pass the week earlier on March 17, while ANZ and NAB will be passing on the rate cut on March 13.

St George, Bank of Melbourne and Rams have also announced their intention to pass on the full cuts to customers.

Athena, Homestar, Reduce Home Loans, and Loans.com remain the only home lenders to pass on the cuts immediately.

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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