Commmonwealth Bank passes on full rate cut to offer 6.15% standard variable rate

Australia's biggest home loan provider Commonwealth Bank has joined NAB and ING Direct by passing on the full 25 basis point rate cut to borrowers. 

It announced its decision at 4pm, more than an hour after NAB and half an hour after ING Direct.

The new standard variable rate is 6.15% per annum effective from May 13. 

Matt Comyn, group executive retail banking services said: "The Commonwealth Bank believes that this is a balanced decision taking into account both domestic and offshore factors." 

The new variable home loan interest rates will be effective for new and existing customers 13 May 2013.