QT Mutual Bank passes on full rate cut, but major banks stay silent

QT Mutual Bank has passed on the full 25-basis-point rate cut to its borrowers – only the second lender to make an announcement about mortgage rates since the RBA cut the cash rate to 3.5% on Tuesday.

The Bank of Queensland reduced its standard variable rate by 20 basis points soon after the announcements.

The major banks and their subsidiaries have all tweeted – in response to queries from borrowers – that they are reviewing their interest rates.

They may wait until tomorrow to make their decisions to force ANZ to move first, as ANZ announces its rates on the second Friday of the month independent of the RBA announcement.

The small mutual lender, formerly the Queensland Teachers Mutual Bank, was started by a group of teachers in 1965.