All big banks follow ANZ's lead in passing on full rate cut

Larry SchlesingerDecember 8, 2020

Westpac and CBA joined their major bank rivals NAB and ANZ by passing on the full 0.25 cash rate cut to their variable home rate borrowers.

Their decisions came after the close of business. Westpac and CBA's rate cuts will kick on December 19, while ANZ and NAB will cut rates on December 16.

Earlier in the day, NAB became the second major lender to pass on the full RBA rate cut, following on from ANZ, which was first out the blocks.

Having taken more than two days to make up its mind, the NAB reminded borrowers that for 29 months it has offered the lowest standard variable home loan rate of the major banks.

Announced Standard Variable Rate p.a., as at 8pm 8 December 2011

NAB

7.22%

ANZ

7.30%

CBA

7.31%

WBC

7.36%

NAB customers will save $62 per month on an average $300,000 NAB home loan.

Lisa Gray, group executive NAB Personal Banking, says the decision was a  difficult one,  “where we have had to weigh the concerns of our customers and the community with the rising cost of funds”.

“While we continue to be concerned about uncertainty in Europe and the impact on increased funding costs, our view is that it is important to put money back in the hands of our customers and assist with supporting the Australian economy this Christmas.

“We remain concerned about rising funding costs and will continue to monitor developments overseas.”

Bank of Queensland and ME Bank have also decided to pass on the rate cut in full.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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