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:
- NAB 6.58
- CBA 6.60
- ANZ 6.80
- Westpac 6.89.
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