Which bank has passed on the full RBA August 2016 cash rate cut?

Bank Australia will be passing on the full 0.25% cut on its variable loans.

It takes the standard variable home loan rate down from 4.99% to 4.74%.

The effective date for these changes will be Friday 5 August. 

Bank Australia, previously known as mecu, was recently named as the Canstar Customer Owned Bank of the Year.

Canstar evaluated the product offerings of over 50 customer owned banks in Australia.

Mitchell Watson, Canstar group manager, research, said Bank Australia not only offered outstanding value products within the lending space, but also offered its customers value for money when it comes to its savings and transaction accounts.

They researched 266 deposit accounts, 1,211 home loans, 63 credit cards and 200 personal loans.

Damien Walsh, Bank Australia’s managing director said the award was an endorsement of the organisation’s unique mutual prosperity proposition – offering great value to the customer while also operating in an ethical and socially responsible manner.