NAB and Commonwealth bank have both failed to pass on the
Reserve Bank's interest rates cut in full, making a reduction of only
0.20 per cent.
NAB's Group Executive for Personal Banking, Lisa Gray, said the bank
had tried to offer the lowest rate of the major banks while ensuring the
bank was safe and secure.
"The increased competition for deposits is pushing up costs, making it more expensive to fund our lending," Ms Gray said.
Yesterday ING Direct anounced it would pass on the rate cut in full, slicing its variable home loans by 0.25 per cent.
The Bank of Queensland has already reduced its variable home loans by 20 basis points.
NAB's cut will come into effect on October 8, saving $50 per month on an average $300,000 mortgage.
Commonwealth Bank's cut will come into effect on October 12.
ANZ has stated it would not reduce rates before its regular rates meeting on October 12.
All Westpac would say today was that their rates were under review.
The big four banks' standard variable home loan rates currently stand at:
I didn't know that there are free tennis courts for public in Melbourne. Recently, cycling around the neighbourhood, I found a free public tennis courts next to a playground. This is awesome. Here are some of them: Canterbury Gardens, Allambannan Drive, Bayswater North (2 x plex pave multi use courts. Only one of the courts has a net. BBQ, playground and toilets.) Glen Park Reserve, 40 Glen Park Road, Bayswater North (1 court. Playground, shelter, tables, BBQs, water tap, toilets, oval, basketball court, outdoor gym, learners bike track.) Middlefield Reserve, 28-32 Middlefield Road Blackburn North (1 asphalt court. Next to small play ground and half basketball court.) Boronia Radio Controlled Car Club Track, Cnr Dorset Road and Park Crescent, Boronia (1 court which is not available after 6pm on Wednesday evenings) Koonung Park, 30-34 Ferneaux Grove, Bulleen (there are 3 courts - 2 x hard court, 1 x synthetic grass. Available during daylight hours. The floodlights on