All four big banks have passed on the latest Reserve Bank rate cut in full. The RBA cut the official interest rate by 25 basis points on December 6th.
Standard variable home loan interest rates:
ANZ: 7.30%.
NAB: 7.22%
Westpac: 7.36%
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CBA: 7.31%.
St George 7.55%
Bank of Queensland: 7.36%
ME Bank: 6.74%.
Two smaller financial institutions were the first to pass on the December cuts in full to homeloan customers; the Bank of Queensland (BOQ) and Members Equity (EQ).
BOQ Chief Executive Officer Stuart Grimshaw said that, with Christmas just weeks away, giving customers this additional relief made sense.
“[It] was the right thing to do last month and it's the right thing to do this month,” Mr Grimshaw said.
ME Bank also committed to passing on the Reserve Bank's latest rate cut in full.
"As part of our commitment to looking after customers over the long term and offering a fairer banking alternative," Chief Executive Officer, Mr Jamie McPhee said. The Super Member Home Loan standard variable rate now drops to 6.74%.
