Commonwealth Bank second of big four to cut rates in full after RBA cut
Commonwealth Bank have followed Westpac by passing on the full RBA cut in full to their customers.
They've passed on the full 25 basis points, effective March 24.
Westpac were the first of the big four to pass after the RBA announcement.
For the fourth cut in a row, Athena Home Loans cut first, in full. They've now passed on every RBA rate cut.
“In responding to this latest official interest rate cut we have examined the important role we play in supporting the Australian economy and the unique set of circumstances facing the country", Commonwealth Bank's group executive for retail banking services Angus Sullivan said.
“We also recognise the importance of managing the business sustainably for the long term and balancing the needs of borrowers and depositors.
"We will continue to review our pricing and make further adjustments as required.
“Today’s announcement means our SVR for Owner Occupied customers, with Principal and Interest repayments, will be one of the lowest on record.”
New Standard Variable Rates
- Owner Occupied Principal and Interest Standard Variable Rate home loans reduced by 0.25% per annum (p.a.) to 4.55% p.a.
- Investor Principal and Interest Standard Variable Rate home loans reduced by 0.25% p.a. to 5.13% p.a.
- Owner Occupied Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.04% p.a.
- Investor Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.39% p.a.
