Major banks such as ANZ, Westpac, CBA and NAB, along with second tier lenders, have reduced their standard variable rates after Australia’s central bank implemented a cash rate cut last week.
ANZ slashed its rates by 0.25 percent to 6.8 percent, while Westpac’s dropped by 0.2 percent to 6.89 percent. At the same time, CBA reduced its rates by 0.21 percent, to match ANZ’s.
But NAB’s rates remain the most affordable among the big players, reflecting CBA’s cut of 0.21 percent to bring its standard variable rate to 6.78 percent.
Lisa Gray, Group Executive of Personal Banking at NAB, said the bank remains committed to having the lowest rate among the major lenders.
“These are always difficult decisions to strike the right balance between our mortgage holders and our deposit holders but we will continue to have the lowest standard variable home loan rate of the major banks for 2012 – as we have for the past 35 months,” she noted.
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