Greenwood

<html><body><div class="Grid" data-component-term="tweet">
<div class="Grid-cell              " data-test-selector="ProfileTimelineTweet">
<div id="stream-item-tweet-593965719777345536" class="StreamItem js-stream-item" data-item-id="593965719777345536" data-item-type="tweet">
<div class="ProfileTweet u-textBreak js-tweet js-stream-tweet js-actionable-tweet               ProfileTweet--low                               has-cards       media-forward" data-tweet-id="593965719777345536" data-disclosure-type="" data-item-id="593965719777345536" data-permalink-path="/TheTodayShow/status/593965719777345536" data-retweet-id="594233707642245120" data-screen-name="TheTodayShow" data-name="The Today Show" data-user-id="23879043" data-has-native-media="true" data-has-cards="true" data-card-type="photo" data-mentions="Ross_Greenwood" data-retweeter="Ross_Greenwood" data-you-follow="false" data-follows-you="false" data-you-block="false">
<div class="ProfileTweet-contents">
<div class="js-tweet-details-fixer tweet-details-fixer">
<div class="TwitterPhoto js-media-container">
<div class="TwitterPhoto-container" data-card-url="//twitter.com/TheTodayShow/status/593965719777345536/photo/1" data-card-type="photo" data-element-context="platform_photo_card">
<p>The Today show money correspondent Ross Greenwood advised the full 25% rate cut savings was worth $3.34 billion in potential stimulus – money back in the economy.</p>
<p>But not all banks are passing on the full cash rate cut.</p>
<br class="TwitterPhoto-media"><div class="TwitterPhoto-media"><a class="TwitterPhoto-link media-thumbnail twitter-timeline-link" href="https://www.propertyobserver.com.au/https://twitter.com/TheTodayShow/status/593965719777345536/photo/1" data-url="https://pbs.twimg.com/media/CD4wrKLUsAEm2Bl.png:large" data-resolved-url-large="https://pbs.twimg.com/media/CD4wrKLUsAEm2Bl.png:large"><img class="TwitterPhoto-mediaSource" src="https://pbs.twimg.com/media/CD4wrKLUsAEm2Bl.png:large" alt="Embedded image permalink"></a></div>
</div>
</div>
<div class="js-machine-translated-tweet-container"> </div>
</div>
<p>With some $1.33 trillion in home owner and investor home loans, <a href="https://www.9jumpin.com.au/show/today/videos/4207691939001/" target="_blank">Greenwood </a>calculated that on all banks passing the rate cut on in full.</p>
<p>However the Commonwealth Bank is only passing on part of Tuesday's cut in official rates to its home loan customers, but has interestingly also taken the step of raising some deposit interest rates.</p>
<p>The country's biggest bank has lowered its standard variable mortgage rates by 0.20 percentage points to 5.45%<span style="line-height: 1.3em;">.</span></p>
<p><span style="line-height: 1.3em;">CBA's group executive for retail banking, Matt Comyn, said the bank had considered the needs of deposit customers as well as borrowers in its decision.</span></p>
<p>"Lifting the rates for our deposit customers at a time when the cash rate is decreasing recognises the importance of savings income, particularly for retirees and young people."</p>
<p>The CBA move comes after ANZ earlier said it would lower its standard variable home loan rate by 0.25 percentage points to 5.38%, effective Friday.</p>
<p>NAB has copied Commonwealth Bank's move to keep some of the Reserve Bank's 0.25 per cent cut to the cash rate<span style="line-height: 1.3em;">. </span></p>
<p>NAB will cut its standard variable rate to 5.43 per cent, with its lowest fixed rate at 4.49 per cent for one year and 4.59 per cent for five years. </p>
<p> </p>
</div>
</div>
</div>
</div>
</div></body></html>

Greenwood

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Greenwood

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.