ANZ first to pass on part of June 2019 RBA rate cut

ANZ first to pass on part of June 2019 RBA rate cut
ANZ first to pass on part of June 2019 RBA rate cut

The ANZ was the first of the big four banks to cut rates, nine minutes after today's RBA decision.

They didn't pass on the full 0.25% rate cut with rates reduced only by 0.18 basis points effective June 14.

ANZ Group Executive, Australia Retail & Commercial, Mark Hand said, “in making this decision we have weighed up a number of factors, such as business performance, market conditions and the impact on our customers, including our depositors.”

“I think the ANZ has let down its customers,” the federal Treasurer Josh Frydenberg said after the RBA decision and the ANZ response. 

“This is deeply disappointing from the ANZ,” Mr Frydenberg said.

Athena was the first non-bank lender to reduce rates, and they passed on the whole cut, reducing rates by 0.25 basis points.

The Sydney based online lender announced a new headline variable rate for owner-occupiers paying principal and interest of 3.34 per cent p.a. within 15 minutes of the RBA decision.

Athena only entered the home loan market this year.

The next to cut rates is Reduce Home Loans making their reducing their rates by 0.25 basis points.

RACQ Bank have also announced they will also pass on the whole 0.25 per cent rate cut.

At 3:50 the Commonwealth Bank (CBA) announced a full rate cut effective from June 25.

Tags: 
Interest Rates Anz

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