ME Bank to pass on full RBA rate cut

ME Bank to pass on full RBA rate cut
ME Bank to pass on full RBA rate cut

ME Bank has announced they will be passing on the full RBA rate cut to variable home loan customers.

The announcement comes three days after the RBA rate decision and comes into effect on 27th June 2019.

On the day of the RBA rate decision all of the Big Four banks as well as a number of smaller lenders announced cuts of varying size.

Both NAB and CBA announced they will be passing on the full rate cut. But ANZ is only passing on a cut 0.18 basis points, something Treasurer Josh Frydenberg especially disapproved of stating, “I think the ANZ has let down its customers."

Westpac was the last of the big four to announce they were cutting rates, following the RBA's decision they announced their rate cuts late on Tuesday of 0.20 basis points.

ING, the nation’s fifth largest home loan lender chose to pass the full 0.25 per cent cut on to their variable rate customers, effective 25 June 2019.

Popular banks that have yet to announce their intentions include HSBC and AMP.

 

Tags: 
Interest Rates ME Bank

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